The board of Orsted selected Lene Skole to take over as chair as the company’s management navigates a turnaround plan following heavy losses in its US offshore wind business last year.
Pending her approval at an upcoming shareholder meeting in March, Skole will move up from the deputy chair position she’s held on the board since 2015, according to a statement.
As a current board member, Skole was involved in the process between the board and the company’s management to devise a plan to shore up its balance sheet after $4 billion of write downs last year. The company earlier this month suspended its dividend and cut its ambition for its pipeline of green power growth this decade as it works to reestablish trust with shareholders.
Skole is “fully committed” to that plan, the company said.
The move comes after Thomas Thune Andersen announced his plan earlier this year to step down as chair after holding that position for nearly a decade.
“I’ve worked closely with Lene over many years, and as I step down, I’m very happy that the evaluation of candidates has confirmed that Lene is best suited to take over as Chair and take the recently announced business plan forward together with the rest of the Board and the Group Executive Team,” Thune Andersen said in a written statement.
In addition to Skole, the board recommended that current board member and interim Chief Operating Officer Andy Brown take on the deputy chair position. Brown was previously chief executive officer of Portugal’s Galp and a long-time executive at Shell before that.
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