Wind energy developer Ørsted said Feb. 27 it has appointed a new CFO and COO as the Denmark-based company looks to carry out a new project operating model and business plan following a challenging year for offshore wind.

Trond Westlie was named CFO and executive board member. Westlie, who serves as board chairman for Norwegian industrial investment company Arendals Fossekompani, previously held CFO positions with A.P. Moller-Maersk, VEON, Telenor and Aker Kvaerner.

Ørsted appointed Patrick Harnett, who currently serves as the company’s head of European Execution Programs, to the COO role. In a prior role with the company, Harnett was in charge of project development and construction of the North Sea 2.9-gigawatt (GW) Hornsea 3 offshore wind farm expected to be complete by year-end 2027, Ørsted said.

“They’ll bring strong international financial skills and execution skills to the Group Executive Team and support the successful implementation of the strategy plan we announced on 7 February 2024,” Thomas Thune Andersen, chairman of Ørsted’s board of directors, said in a news release.

The appointments came after Ørsted announced in November 2023 that its CFO and COO were stepping down by mutual agreement immediately. The change took place after the company said it would cease development of two 1.1-GW wind projects offshore New Jersey and take about US$4 billion of impairment charges in third-quarter 2023. Higher interest rates, supplier delays and an unsuccessful request in New York to raise rates were among the reasons given at the time.

The company in February said it has refocused its U.S. offshore strategy and its capital allocation toward the most value-accretive markets, lowered investment and capacity targets and put in place a dividend holiday for financial years 2023-2025.

The company also announced exits from Norway, Spain and Portugal and deprioritizing other markets, including Japan.

“I look forward to working with the team to successfully execute the newly launched plan and further strengthen Ørsted’s financial position,” Westlie said in a news release.

Rasmus Errboe, who has acted as interim CFO since November 2023, will return to his position as CEO of Region Europe by the end of March 2024.

Harnett added that he looks “forward to continuing the implementation of our new project operating model, which will ensure stronger risk management, contingency planning and governance when executing projects.”

Harnett replaces interim COO Andy Brown, who plans to step down by the end of March. Ørsted’s board of directors has recommended that Brown be elected as deputy chair of the board during the company’s annual general meeting scheduled for March 5.

Comments