Orsted, a global energy major, made waves today with the abrupt departure of Daniel Lerup, Chief Financial Officer (CFO), and Richard Hunter, Chief Operating Officer (COO).
The company has swiftly commenced the search for their replacements, aiming to finalize the selection process by 2024.
Orsted, the world’s largest offshore wind developer, on November 1 scrapped two U.S. offshore wind projects, flagging $5.6 billion in related impairments.
Mads Nipper, Group President and CEO of Orsted, elucidated the decision, stating, “Orsted, along with the rest of the industry, is experiencing a challenging and volatile business environment. Therefore, the Board of Directors and I have agreed with our current CFO and COO that we need new and different capabilities to lead the Finance and EPC & Operations functions to strengthen Orsted’s journey into the future.”
Interim Leadership Unveiled
Rasmus Errboe steps in as the interim CFO, bringing a wealth of experience from various managerial roles within Orsted since 2012, including a stint as CFO for the offshore wind business. His immediate focus lies on fortifying Orsted’s financial backbone and upholding its credit rating. Meanwhile, Olivia Breese assumes the role of CEO of Region Europe in tandem with her current position as Senior Vice President and Head of Power-to-X.
On the operational front, Andrew Brown, a seasoned professional with extensive international executive experience from prominent organizations like Shell and Galp, takes on the interim COO position. His mandate involves overseeing EPC projects, fortifying project management, and enhancing supply chain strategies in anticipation of industry shifts.
Steady Course Amidst Transition
Orsted emphasized that these changes do not impact its financial guidance for 2023 or the investment level previously outlined for the year. The company remains committed to its existing strategic objectives despite the leadership reshuffle.
The departure of key executives and the appointment of interim leaders signify a pivotal moment for Orsted, as it navigates a rapidly evolving energy landscape while reinforcing its position as a global frontrunner in sustainable energy solutions.