Ørsted has paid almost 33 million kroner to the company's former CEO Mads Nipper after he was fired at the beginning of 2025. This is shown in a remuneration report that was published alongside the annual accounts on Friday morning.
The amount consists of a severance pay of almost 16.6 million kroner and an almost identical payment during his severance period. The severance period ran from February last year until January this year. He was no longer employed by Ørsted during the period.
Mads Nipper, who also has top positions in Lego and Grundfos on his CV, is today chairman of the board of directors of mining equipment manufacturer FLSmidth.
Ørsted's firing of Nipper was justified at the time by the need for fresh eyes on the company's business, which had been hit by massive write-downs.
In addition, the company's share price had taken a beating. Mads Nipper started at Ørsted in early 2021. At that time, the company's share was traded at a price of around 1350. Around the time of the firing, the price had fallen to below 300 kroner.
Found the replacement internally
As a replacement, the company brought in Rasmus Errboe from its own ranks. He came from a position as Deputy CEO and Commercial Director.
- I have an in-depth knowledge of our industry, and together with our talented employees, I and the management will work tirelessly to create value for our customers, our shareholders and our other stakeholders, he said at the time.
Errboe has also previously been CFO of Ørsted's global offshore division, and it was he who was in charge of both the IPO in 2016 and the divestment of the oil and gas business in 2017.
On Friday, he helped present the energy group's annual accounts for 2025, where Ørsted had a profit of 3.2 billion kroner. However, write-downs in both the US and Europe have helped to drag down the result.
/ritzau/
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