Orsted – Rasmus Errboe is appointed CEO of Ørsted replacing Mads Nipper who steps down as CEO
Today, Ørsted’s Board of Directors has appointed Rasmus Errboe, current Deputy CEO and Chief Commercial Officer, as new Group President and CEO of the company replacing Mads Nipper who will step down from his position as Group President and CEO of Ørsted.
Mads Nipper joined Ørsted in January 2021. He will step down as CEO on 1 February 2025, at which time Rasmus Errboe will step into the role of Group President and CEO.
Lene Skole, Chair of Ørsted’s Board of Directors, says: “The renewable energy market has fundamentally changed since January 2021. The impacts on our business of the increasingly challenging situation in the offshore wind industry, ranging from supply chain bottlenecks, interest rate increases, to a changing regulatory landscape, mean that our focus has shifted. Therefore, the board has today agreed with Mads Nipper that it’s the right time for him to step down and the board has appointed Rasmus Errboe to take over as CEO.”
A new CEO of Ørsted
As of 1 February 2025, Rasmus Errboe steps into the role of Group President and CEO of Ørsted.
Lene Skole, Chair of Ørsted’s Board of Directors, says: “I’m delighted to welcome our new CEO Rasmus Errboe, who has been a valued colleague in Ørsted since 2012. As our Deputy CEO and CCO, and former Regional Head of our European market and former CFO for the global offshore business, he has a deep understanding of our business and an extensive knowledge of the energy industry. I’m therefore convinced that Rasmus is the right person to lead the company through the challenges facing the industry and Ørsted. Together with the Board of Directors, I look forward to collaborating with Rasmus on ensuring strong results for Ørsted.”
Rasmus Errboe, Deputy CEO and CCO of Ørsted, says: “I’m honoured and humbled to step into the role of CEO of a company I’ve proudly served for the past 13 years. I have in-depth knowledge of the industry, and together with our skilled employees, I and the rest of the Group Executive Team will work relentlessly to create value for our customers, shareholders, and stakeholders at large. Ørsted has a strong foundation with unique capabilities, and I’m looking forward to taking the lead on the transformation necessary to navigate the headwinds that Ørsted and our industry currently face. Offshore wind remains crucial for the green transition, and we’re deeply committed to pursuing our vision of a world that runs entirely on green energy.”
Lene Skole, Chair of Ørsted’s Board of Directors, says: “On behalf of the board, I’d like to thank Mads Nipper for his commitment to Ørsted’s vision and his strong and constructive collaboration with the board. Together with his team, Mads has increased Ørsted’s installed renewable capacity from 11.3 GW in 2021 to 18.2 GW in 2025 while navigating a portfolio of legacy projects and consistently delivering on our EBITDA guidance.”
Mads Nipper, Group President and CEO of Ørsted, says: “Leading Ørsted through four challenging yet rewarding years has been a great privilege. Despite the obstacles we’ve faced, we’ve achieved many significant milestones, and I’m immensely proud of our colleagues’ efforts and dedication. I extend my gratitude to everyone who has supported and believed in our vision, and I wish Rasmus and the team all the best of luck.”
About Rasmus Errboe
Rasmus Errboe joined Ørsted in 2012 and became a member of executive management in 2022. Before being appointed Deputy CEO and Chief Commercial Officer, Rasmus Errboe has held the positions of Interim Group CFO, Regional Head of Europe, Regional Head of Continental Europe, CFO for the Offshore business unit globally, and Head of Ørsted’s Group M&A department, and he was overall responsible for the IPO of Ørsted in 2016 and the divestment and carve-out of Ørsted’s Oil & Gas business in 2017.
Rasmus Errboe is a member of the Executive Board, registered as an executive of Ørsted A/S with the Danish Business Authority, and a member of the Main Board of the Confederation of Danish Industries (DI).
Rasmus Errboe holds a Master of Law from Copenhagen University in Denmark and an MBA from University of San Diego in California, the US.
Ørsted will publish its annual report for 2024 on Thursday, 6 February 2025.
SourceOrsted
EMR Analysis
More information on Ørsted: See the full profile on EMR Executive Services
More information on Lene Skole (Chairwoman of the Board of Directors, Ørsted): See the full profile on EMR Executive Services
More information on Mads Nipper (Group President and Chief Executive Officer, Ørsted till January 31, 2025): See the full profile on EMR Executive Services
More information on Rasmus Errboe (Group Executive Team – Deputy Chief Executive Officer and Chief Commercial Officer, Ørsted till January 31, 2025 + Group President and Chief Executive Officer, Ørsted as of February 1, 2025): See the full profile on EMR Executive Services
More information on Dansk Industri (DI): https://www.danskindustri.dk/english/ + DI is a private business and employers’ organisation representing approximately 20,000 companies in Denmark. We aim to provide the best possible corporate conditions for our member companies.
Danish Industry – DI – is Denmark’s largest, most representative and most influential business and employers’ organisation, covering manufacturing as well as service industries across sectors such as transport, energy, IT, health, trade and professional services.
More information on Lars Sandahl Sørensen (Chief Executive Officer, Dansk Industri (DI)): https://www.danskindustri.dk/english/about-di/organization/ + https://www.linkedin.com/in/lars-sandahl-sørensen-1768249/
EMR Additional Notes:
- Supply Chain:
- Network of all the individuals, organizations, resources, activities and technology involved in the creation and sale of a product. A supply chain encompasses everything from the delivery of source materials from the supplier to the manufacturer through to its eventual delivery to the end user.
- At the most fundamental level, supply chain management (SCM) is management of the flow of goods, data, and finances related to a product or service, from the procurement of raw materials to the delivery of the product at its final destination.
- Kilowatt (kW):
- A kilowatt is simply a measure of how much power an electric appliance consumes—it’s 1,000 watts to be exact. You can quickly convert watts (W) to kilowatts (kW) by diving your wattage by 1,000: 1,000W 1,000 = 1 kW.
- Megawatt (MW):
- One megawatt equals one million watts or 1,000 kilowatts, roughly enough electricity for the instantaneous demand of 750 homes at once.
- Gigawatt (GW):
- A gigawatt (GW) is a unit of power, and it is equal to one billion watts.
- According to the Department of Energy, generating one GW of power takes over three million solar panels or 310 utility-scale wind turbines
- Terawatt (TW):
- One terawatt is equal to 1,000,000,000,000 watts.
- The main use of terawatts is found in the electric power industry.
- According to the United States Energy Information Administration, America is one of the largest electricity consumers in the world using about 4,146.2 terawatt-hours.
- EBITA:
- Earnings before interest, taxes, and amortization (EBITA) is a measure of company profitability used by investors. It is helpful for comparing one company to another in the same line of business.
- EBITA = Net income + Interest + Taxes + Amortization
- EBITDA:
- Earnings before interest, taxes, depreciation, and amortization (EBITDA) is an alternate measure of profitability to net income. By including depreciation and amortization as well as taxes and debt payment costs, EBITDA attempts to represent the cash profit generated by the company’s operations.
- EBITDA and EBITA are both measures of profitability. The difference is that EBITDA also excludes depreciation.
- EBITDA is the more commonly used measure because it adds depreciation—the accounting practice of recording the reduced value of a company’s tangible assets over time—to the list of factors.
- EV/EBITDA (Enterprise Multiple):
- Enterprise multiple, also known as the EV-to-EBITDA multiple, is a ratio used to determine the value of a company.
- It is computed by dividing enterprise value by EBITDA.
- The enterprise multiple takes into account a company’s debt and cash levels in addition to its stock price and relates that value to the firm’s cash profitability.
- Enterprise multiples can vary depending on the industry.
- Higher enterprise multiples are expected in high-growth industries and lower multiples in industries with slow growth.
- IPO (Initial Public Offering):
- When a private company first sells shares of stock to the public, this process is known as an initial public offering (IPO). In essence, an IPO means that a company’s ownership is transitioning from private ownership to public ownership. For that reason, the IPO process is sometimes referred to as “going public.”