Orsted Replaces CEO as Offshore Wind Industry Struggles

COPENHAGEN, Jan 31 (Reuters) – Orsted Chief Executive Mads Nipper will step down to be replaced by company insider Rasmus Errboe, the world’s biggest offshore wind developer said on Friday, as it seeks to arrest an 83% slump in its share price since its 2021 peak.

The Danish renewables firm has been crucial to establishing a European industry for wind at sea, but the industry has struggled in recent years with rising costs, supply chain bottlenecks, higher interest rates, and regulatory changes.

Its push into the nascent U.S. market has also proved challenging, resulting in delays and impairment charges, and has been complicated by U.S. President Donald Trump’s outspoken opposition to wind power. Trump has suspended federal offshore wind leasing pending an environ…