February 3, 2025 — Danish renewable energy giant Ørsted reported today, January 31, a change in CEOs as the company continues to struggle with pressures in the offshore wind sector. The news of the change in leadership came just days after Ørsted reported it would be taking a further $1.7 billion in impairment charges related to its U.S. offshore wind projects following a massive $5.6 billion write-down in November 2023.
The board of directors announced that the company was replacing Mads Nipper who had led the company as Group President and CEO since January 2021. They reported he is stepping down effective tomorrow, February 1, but acknowledged during his four-year tenure Ørsted’s installed renewable capacity grew from 11.3 GW to the current 18.2 GW in 2025.
“The renewable energy market has fundamentally changed since January 2021. The impacts on our business of the increasingly challenging situation in the offshore wind industry, ranging from supply chain bottlenecks, interest rate increases, to a changing regulatory landscape, mean that our focus has shifted. Therefore, the board has today agreed with Mads Nipper that it’s the right time for him to step down, and the board has appointed Rasmus Errboe to take over as CEO,” announced Lene Skole, Chair of Ørsted’s Board of Directors.