Orsted Replaces CEO After Failure to Turn Around Wind Firm (3)

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.

He will be replaced by his deputy Rasmus Errboe on Saturday, the company said in a statement. Nipper led the offshore wind giant for four years, but struggled to improve its financial performance after setbacks and surging costs at several of its biggest projects.

Orsted shares have slumped about 80% during Nipper’s tenure from the peak in early 2021. They ...