After several red accounts, and a share price that had more than halved in a single year, among other things as a result of large write-downs, Ørsted found it necessary to make several changes to the board of directors in November.
This led to a farewell to two members of the group management in the form of Group CFO Daniel Lerup and Group COO Richard Hunter. According to Ørsted, the termination was by mutual agreement. According to Sydbank's head of equity analysis, Jacob Pedersen, who has extensive insight into Ørsted, there were, however, actually layoffs.
Since November, Executive Vice President and Regional Director for Europe, Rasmus Errboe, has served as Group CFO and member of the Executive Board, while the position of Group COO has been held by Ørsted board member Andrew Brown.
Replacements found externally and internally
However, replacements have now been found and the most significant of the vacant positions as Group CFO and member of the Executive Board and Group Management will be filled by Trond Westlie with effect from 1 April 2024. He is currently Chairman of the Board of Arendals Fossekompani and a board member of the Wilhelmsen Group, but was previously Group CFO of A.P. Møller - Mærsk, VEON, Telenor and Aker Kværner.
- I am looking forward to becoming part of a very capable company with an important purpose, and I look forward to working with the team to implement the just announced plan and further strengthen Ørsted's financial position, says Trond Westlie.
Patrick Harnett, who will become Chief Operating Officer and member of Ørsted's Group Management, has been found internally in Ørsted, as he is currently Head of Execution Programmes in Europe, where he is in charge of the project development and construction of Hornsea 3.
- I am very grateful for the trust that the Board of Directors and Mads Nipper have shown in me, and I look forward to continuing the implementation of our new project model, which will ensure better risk management, better planning for unforeseen events and better management in connection with the implementation of projects, says Patrick Harnett.
The Board of Directors is also pleased to The recruitment process for the two top positions is now complete.
- On behalf of the board of directors, I am very pleased to introduce Trond Westlie as our next Group CFO and Patrick Harnett as our next Group COO. They will strengthen the Group Management's international financial and execution skills and help ensure the successful implementation of the strategic plan we announced on 7 February 2024, says Thomas Thune Andersen, Chairman of the Board of Directors of Ørsted A/S, in a press release.
Interim successors will have old and new roles in the future
Rasmus Errboe, who has served as interim Group CFO since 14 November 2023, will return to his old position as Regional Director for Europe at the end of March 2024.
Andy Brown, who has served as interim Group COO since 14 November 2023, will step down at the end of March 2024. However, he can look forward to a new role in Ørsted, as the Board of Directors has recommended that he be elected as Vice Chairman of the Board at Ørsted's Annual General Meeting to be held on 5 March 2024.
- I would like to send a big thank you to both Rasmus and Andy for the enormous work they have done in their interim roles. I am very grateful for that. Under their competent leadership, we have made significant progress both in preparing our new business plan and in developing our new project model, says Mads Nipper, Group President and CEO of Ørsted.
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