Orsted Chief Executive Mads Nipper will step down to be replaced by company insider Rasmus Errboe, the Danish renewable energy company said on Friday as it seeks to arrest an 83% slump in its share price since its 2021 peak.

Mads Nipper will step down as chief executive officer of Danish wind developer Orsted A/S after a series of huge writedowns over the past few years on both sides of the Atlantic and a steep slump in the share price.

Offshore wind giant Orsted has dumped its chief executive as it looks to reverse the 80 per cent collapse in its share price that he oversaw. Orsted, which operates 12 wind farms in the UK, said Mads Nipper will be replaced by deputy Rasmus Errboe today. Nipper took charge in January 2021.

Mads Nipper, who has led multinational energy giant Ørsted since January 2021, will be replaced by Rasmus Errboe, the current deputy CEO and chief commercial officer. The company is building the Revolution Wind project off the Rhode Island coast.

Orsted, the world's leading offshore wind developer, appoints new CEO to navigate a challenging market with supply chain issues, rising costs, and regulatory uncertainty.