The logo for Orsted can be seen on the jacket worn by an employee as he talks to journalists during a visit to the offshore wind farm near Nysted, Denmark, September 4, 2023. REUTERS/Tom Little/File Photo Acquire Licensing Rights
HELSINKI, Nov 14 (Reuters) – Denmark’s Orsted (ORSTED.CO) said on Tuesday its finance and operations chiefs were stepping down with immediate effect after the offshore wind farm developer earlier this month reported large financial losses.
The search for successors to Chief Financial Officer (CFO) Daniel Lerup and Chief Operating Officer (COO) Richard Hunter will begin immediately, Orsted added.
“The board of directors and I have agreed with our current CFO and COO that we need new and different capabilities,” CEO Mads Nipper said in a statement.
The offshore wind industry has found itself in a perfect storm of rising inflation, interest rate hikes and supply chain delays, casting doubt on plans by the United States and elsewhere to replace fossil fuels with renewable energy.
Orsted, the world’s largest offshore wind developer, on Nov. 1 scrapped two U.S. offshore wind projects, flagging $5.6 billion in related impairments.
Rasmus Errboe, who has been with Orsted since 2012 and runs the company’s European operation, will serve as interim CFO.
“Together with the finance team and the group executive team, Rasmus Errboe will lead the work on supporting Orsted’s capital structure and long-term commitment to its credit rating,” the company said.
Board member Andrew Brown, who has executive experience from Shell and Portugal’s Galp, was appointed interim COO, Orsted said.
The company’s financial guidance and expected level of investment for 2023 is unchanged, it added.
Reporting by Essi Lehto
Editing by Louise Rasmussen and Mark Potter
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