By Dominic Chopping


Orsted is establishing a new commercial organization under Rasmus Errboe, who is appointed deputy chief executive and chief commercial officer, as it continues to shuffle its executive team amid challenging conditions in the wind industry.

The Danish renewable-energy company has been struggling with surging costs at some of its offshore development projects as supplier delays, higher funding costs, and insufficient government subsidies have seen some projects become unfeasible.

Last month it launched a comprehensive new plan with cost cuts, a pause in dividends, asset sales and new business priorities and appointed a new chief financial officer and chief operating officer.

Following the launch of its new business plan, Orsted said it is now simplifying its executive management structure to further sharpen its focus on project execution, financial discipline, value creation, and risk management.

Orsted said it will keep its organizational set-up with three regions, but going forward, the regional CEOs, the head of global stakeholder relations, and the head of strategy, portfolio, innovation & digital will report to the new commercial organization under Rasmus Errboe.

Errboe is currently interim chief financial officer and was previously chief executive of region Europe at Orsted. He will start his new role on April 1.


Write to Dominic Chopping at dominic.chopping@wsj.com


(END) Dow Jones Newswires

03-21-24 0918ET