Denmark’s Ørsted, the world’s largest offshore wind developer, announced that its chief financial officer Daniel Lerup and its chief operating officer Richard Hunter are leaving the company with immediate effect.

Ørsted earlier this month reported large financial losses.

On November 1 the company scrapped two US offshore wind projects and flagged $5.6 billion in related impairments.

The company said in a statement: “By mutual agreement, two members of executive management are stepping down and leaving Ørsted with immediate effect: Daniel Lerup, Chief Financial Officer (CFO), and Richard Hunter, Chief Operating Officer (COO).

“Ørsted has initiated the processes of identifying a new CFO and a new COO and expects the processes to be concluded as soon as possible in 2024.”

Ørsted CEO Mads Nipper said: “Ørsted, along with the rest of the industry, is experiencing a challenging and volatile business environment.

“Therefore, the board of directors and I have agreed with our current CFO and COO that we need new and different capabilities to lead the Finance and EPC & Operations functions to strengthen Ørsted’s journey into the future.

“I would like to thank both Daniel Lerup and Richard Hunter for their contributions to Ørsted. I’ve enjoyed working with both of them for the past years and wish them all the best with their new endeavours.”

Rasmus Errboe will serve as interim CFO and member of the executive board.

Currently, Errboe is CEO of Region Europe and Executive Vice President at Ørsted and has been with the company since 2012 in different management positions, including as CFO for Ørsted’s offshore wind business.

While Errboe serves as interim CFO, Olivia Breese will act as CEO of Region Europe while continuing in her current role as Senior Vice President and Head of Power-to-X at Ørsted.

Andrew Brown, member of Ørsted’s board of directors, has been appointed interim COO and member of the group executive team.