Denmark's Ørsted, the world's leading offshore wind developer, has appointed Mads Nipper as its next CEO. Nipper will replace Henrik Poulsen as of January 1, 2021.

Poulsen, who resigned in June, led the company for eight years, overseeing its transformation from Danish Oil and Natural Gas (Dong) to its status today as a renewable energy major. 

Nipper, 54, is CEO of Danish pump manufacturer Grundfos, where he established ambitious sustainability goals. Like Poulsen, Nipper is also an alumnus of Danish toy manufacturer Lego.

“Anchored in a clear sustainability vision, Mads has led a highly successful transformation of Grundfos over the past six years that has reinforced the company’s position in an increasingly competitive market, while also strengthening financial performance,” said Thomas Thune Andersen, chair of Ørsted's board of directors, in a statement.

“With his deep commitment to sustainability and the green agenda, his strong personal leadership, extensive CEO experience and his distinguished track record in leading global companies, the board is confident that Mads Nipper is the right person to lead Ørsted in the next phase of our exciting journey,” added Thune Andersen.

Grundfos’ share price has more than doubled under Nipper’s tenure.

“As one of the five largest renewable energy companies in the world and with a clear ambition to be a leader in the global energy transformation, Ørsted is in a unique position to make a difference in the fight against climate change,” said Nipper in a statement. “I’m very excited to join the Ørsted team and to continue Ørsted’s successful journey to become one of the future global leaders in renewable energy.”

Nipper joins as the company begins to target new geographies and doubles down on its onshore renewable commitments too. The U.S. will be of particular interest as Ørsted looks to navigate regulatory hurdles and execute on the projects already in its pipeline, as well as adding new ones.

His target remuneration, including bonuses, amounts to DKK 20 million ($3.17 million).