Ørsted makes changes to organizational structure, management

Ørsted A/S is changing its organizational structure to maximize its growth potential in the global renewable energy market.

The company's corporate structure with its three business units — offshore, onshore, and markets and bioenergy — will be replaced.

A new commercial unit will house the company's commercially focused functions from the legacy offshore and markets and bioenergy units, including hydrogen. It will be led by Martin Neubert, who will be chief commercial officer, deputy group CEO of Ørsted, and a new member of the executive board.

The rest of the functions from the offshore and markets and bioenergy segments will sit within a new area for engineering, procurement and construction, or EPC, and operations, which will group Ørsted's EPC, offshore operations and bioenergy activities. Ørsted is searching for a COO to head up the unit, until which time CEO Mads Nipper will be in charge.

The company's onshore division, which Ørsted said differs from the rest of the company in its business model and strategic focus, will remain a separate business unit and will continue to be headed by Declan Flanagan.

Ørsted's executive board will consist of Nipper, Neubert and CFO Marianne Wiinholt, while its executive committee will be made up of Nipper, Wiinholt, Neubert, the incoming COO, Flanagan and Henriette Fenger Ellekrog, chief HR officer.

With the streamlining of the markets and bioenergy business area, Morten Buchgreitz, the unit's CEO and executive vice president at Ørsted, will leave the company, effective Feb. 4.

Anders Lindberg, executive vice president and head of offshore EPC and quality, health, safety and environment, accepted a position in his native Sweden and will leave Ørsted, effective mid-February.

All organizational changes are effective Feb. 4.

Ørsted will continue to report offshore and onshore financials as separate segments. Bioenergy, the legacy gas activities and Renescience will be reported in a separate segment.