Ørsted has taken some heavy blows in recent years. Almost two years ago, everything else looked good for the company. The share price was at a record high and there were great expectations, e.g. to the company's growth opportunities on the American market.
Since then, however, despite sanctions against Russian energy and increased ambitions for offshore wind, things have only gone one way for Ørsted. The industry has been hit by increased costs both for materials and financing, and this has led to Ørsted having to make large write-downs on projects in the USA, where, among other things, dropped the two projects Ocean Wind 1 and 2 entirely. This has led to a share price that has fallen by more than 50 per cent. this year alone and is back at the level from five years ago.
The crisis is now causing Ørsted to make changes in management. Thus, the energy company says goodbye to two members of the group management in the form of group finance director Daniel Lerup and group operations director Richard Hunter. According to Ørsted, the termination was by mutual agreement, the energy company states in a statement.
- Like the rest of the industry, Ørsted is experiencing challenging and unstable market conditions. Therefore, the board and I have agreed with our current Group CFO and Group Operations Director that we need new and different skills to lead the finance and EPC & Operations functions to support Ørsted's further journey, says Mads Nipper, CEO and CEO in Ørsted, he continues:
- I would like to thank both Daniel Lerup and Richard Hunter for their efforts for Ørsted. I have appreciated working with both of them over the past few years and wish them all the best for the future.
Board member and executive vice president cover in
Ørsted has started a process with a view to finding a new Group Finance Director and a new Group Operations Director and expects that the process will be completed as soon as possible in 2024.
In the meantime, current executive vice president and regional director for Europe, Rasmus Errboe, will temporarily act as group financial director and member of the executive board. Errboe's work as regional director will be covered by Olivia Breese, who will cover this task at the same time as her current role as senior vice president and director of Power-to-X in Ørsted.
The position of group operations director will be held by Andrew Brown, who became a member of Ørsted's board at the last general meeting. He has experience from leading positions in large global organizations such as Shell and most recently as CEO of the Portuguese energy company Galp.
Text, graphics, images, sound, and other content on this website are protected under copyright law. DK Medier reserves all rights to the content, including the right to exploit the content for the purpose of text and data mining, cf. Section 11b of the Copyright Act and Article 4 of the DSM Directive.
Customers with IP agreements/major customer agreements may only share Danish Offshore Industry articles internally for the purpose of handling specific cases. Sharing in connection with specific cases refers to journaling, archiving, or similar uses.
Customers with a personal subscription/login may not share Danish Offshore Industry articles with individuals who do not themselves have a personal subscription to Danish Offshore Industry.
Any deviation from the above requires written consent from DK Medier.
