Ørsted’s board of directors has appointed Mads Nipper group president and CEO as of Jan. 1, 2021. Nipper is currently group president and CEO at Grundfos.

The appointment follows the decision by Henrik Poulsen to resign his position and step down as CEO.

“On behalf of the board, I’m very pleased to announce Nipper as Ørsted’s next CEO,” says Thomas Thune Andersen, chairman of the board of directors at Ørsted. “Anchored in a clear sustainability vision, Nipper has led a highly successful transformation of Grundfos over the past six years that has reinforced the company’s position in an increasingly competitive market, while also strengthening financial performance.”

The compensation package for Nipper is in accordance with Ørsted’s remuneration policy and includes a fixed base salary which also covers pension contribution, an annual cash-based variable remuneration of 0-30% of the annual fixed salary with a target of 15%, and a long-term share-based remuneration with a target of 20% of the annual fixed salary. To participate in the long-term share-based remuneration program the CEO is required to own shares in Ørsted, as described in the remuneration policy.

“The challenge we face in transforming the world’s energy systems from fossil fuels to renewable energy to avoid the catastrophic consequences of climate change is more pressing than ever and requires action in all parts of society,” says Nipper. “Ørsted is in a unique position to make a difference in the fight against climate change. I’m very excited to join the Ørsted team and to continue Ørsted’s journey.”

Photo: Mads Nipper

This post appeared first on North American Windpower.

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