Orsted CEO Ousts Top Executives After $4 Billion Impairment
- CFO, COO exit company as search for replacements begins
- Orsted trying to contain cost crisis engulfing some projects
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Orsted A/S’s chief Mads Nipper dismissed two top executives as the company fights to recover from huge writedowns connected to abandoned projects.
The Danish wind developer needs to present a fast turnaround strategy with shares languishing near the lowest for six years. The immediate departure of Chief Financial Officer Daniel Lerup and Chief Operating Officer Richard Hunter on Tuesday is meant to send the message to investors that a plan is underway. For now, chief executive Nipper still has his job but it’s uncertain how long he will last.