Orsted Chief Executive Mads Nipper will step down to be replaced by company insider Rasmus Errboe, the Danish renewable energy company said on Friday as it seeks to arrest an 83% slump in its share price since its 2021 peak.

Ørsted ( OTCPK:DNNGY) said Friday that CEO Mads Nipper will step down effective February 1, to be replaced by current deputy chief executive and chief commercial officer Rasmus Errboe. Erboe, who joined Ørsted ( OTCPK:DNNGY) in 2012, previously served as interim CFO, regional head of Europe, CFO for the offshore business unit, and head of M&A.

Orsted, the world's leading offshore wind developer, appoints new CEO to navigate a challenging market with supply chain issues, rising costs, and regulatory uncertainty.

The renewable-energy company said it is shifting focus in the face of increasing challenges buffeting the industry, with deputy CEO Rasmus Errboe to take the helm on Feb. 1.

The Danish company is behind many of the UK’s offshore wind farms but has struggled with rising costs in other countries.

Denmark's struggling offshore wind power group Orsted said Friday it was replacing its CEO with his deputy as the sector faces an "increasingly challenging situation".

OrstedOrsted announced on Friday it's replaced its CEO Mads Nipper with company insider, Rasmus Errboe. :: OrstedThat’s as the Danish renewables company seeks to revive a sinking share price which has slumped 83% since its 2021 peak.