Orsted Executives Step Down Amid Financial Struggles and Project Cancellations

Company withdraws from Norway consortium and scraps U.S. projects, but maintains 2023 financial guidance

Orsted's CFO Daniel Lerup and COO Richard Hunter have stepped down following the company's significant financial losses.
The company recently scrapped two U.S. offshore wind projects, leading to $5.6 billion in related impairments.
Orsted has also withdrawn from a consortium bidding for offshore wind projects in Norway.
Interim replacements for the CFO and COO positions have been appointed as the search for permanent successors begins.
Despite these changes, Orsted's financial guidance and expected level of investment for 2023 remain unchanged.