Orsted Picks Maersk Veteran as CFO as Turnaround Gathers Pace

(Bloomberg) -- Orsted A/S appointed Trond Westlie, an executive veteran who has worked at some of Scandinavia’s biggest companies, as its new chief financial officer as the world’s biggest offshore wind developer tries to emerge from last year’s massive losses.

Westlie, 62, has served as CFO at A.P. Moller-Maersk A/S, Telenor ASA and Aker Kvaerner ASA and is currently chairman at Arendals Fossekompani, a Norwegian industrial investment company, the Danish firm said in a statement on Tuesday. He will start on April 1, the same day as a new chief operating officer, also announced on Tuesday. 

Orsted is currently focused on navigating its turnaround plan put in place after a 28.4 billion-krone ($4.1 billion) hit last year as costs spiraled for its portfolio of wind farms planned off the coast of the US. The plan includes massive cost reductions and job cuts. 

Orsted’s Chief Executive Officer Mads Nipper in November dismissed the previous CFO, Daniel Lerup, as well as Chief Operating Officer Richard Hunter, who will now be replaced by Patrick Harnett from the company’s own ranks.

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