Ørsted appoints new CEO

Grundfos president Mads Nipper will replace Henrik Poulsen next year

by Craig Richard 9 September 2020

Grundfos CEO Mads Nipper will replace 脴rsted CEO Henrik Poulsen next year

脴rsted has appointed group president of pump manufacturer Grundfos, Mads Nipper, as its next CEO.

Nipper will replace the outgoing Henrik Poulsen from 1 January 2021.

Poulsen announced his intention to resign his position and step down as CEO in June 2020.

He will serve as a special adviser to Nipper until 31 January 2021 to ensure a smooth transition, 脴rsted explained.

Nipper will be charged with keeping 脴rsted at the forefront of a rapidly growing offshore wind sector as the developer faces growing competition and increasing cost pressures.

He leaves Danish firm Grundfos after six years as the company鈥檚 CEO and group president.

Prior to his tenure with Grundfos, Nipper had spent 23 years with toy company Lego in roles including chief marketing officer, executive vice president and board member.

脴rsted鈥檚 chairman Thomas Thune Andersen said: 鈥淲ith his deep commitment to sustainability and the green agenda, his strong personal leadership, extensive CEO experience, and his distinguished track record in leading global companies, the board is confident that Mads Nipper is the right person to lead 脴rsted in the next phase of our exciting journey.鈥

Nipper will receive a fixed basis salary of DKK 15 million (鈧2 million), 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.

He must also own shares in 脴rsted in order to participate in the company鈥檚 long-term share-based remuneration programme. For 2021, the total target remuneration will be approximately DKK 20 million, the developer stated.

脴rsted added that the announcement does not change its previous financial guidance or expected investment level for the 2020 fiscal year. It still expects full-year Ebitda of DKK 16-17 billion and to make gross investments of DKK 28-30 billion.

Poulsen, who announced his intention to step down as CEO earlier this summer, will be nominated for a non-executive role on the company鈥檚 board of directors at the company鈥檚 general meeting in March 2021.