Orsted Chief Executive Mads Nipper will step down to be replaced by company insider Rasmus Errboe, the world's biggest offshore wind developer said on Friday, as it seeks to arrest an 83% slump in its share price since its 2021 peak.

Offshore wind giant Orsted has dumped its chief executive as it looks to reverse the 80 per cent collapse in its share price that he oversaw. Orsted, which operates 12 wind farms in the UK, said Mads Nipper will be replaced by deputy Rasmus Errboe today. Nipper took charge in January 2021.