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.

Mads Nipper will step down as chief executive officer of Danish wind developer Orsted A/S after a series of significant writedowns over the past few years.

Analysts say Nipper was 'victim of circumstances,' not least Trump’s recent re-election in the US, but ultimately has himself to blame for ‘missteps’ that left investors repeatedly disappointed

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.

The Danish company is behind many of the UK’s offshore wind farms but has struggled with rising costs in other countries.

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.

Denmark's struggling offshore wind power group Orsted said Friday it was replacing its CEO with his deputy as the sector faces an "increasingly challenging situation".