Danish renewable energy company Ørsted has announced the resignation of its CEO Henrik Poulsen.

Poulsen worked as the company’s CEO for eight years and will retain office until 31 January 2021, at the latest. In a statement, the company said he will be nominated for the company’s board of directors at the next annual general meeting (AGM) in March 2021.

Poulsen said: “It’s been an incredible ride over the past eight years, and I have a tremendous amount of affection for Ørsted, its vision, and not least its people. Together, we’ve transformed a Danish utility predominantly based on fossil fuels into a global leader in green energy, which was ranked as the world’s most sustainable company earlier this year.

“In the process, we’ve increased the market value of the company by several 100%. We’re now at a point where the transformation is completed, and we’ve built a strong platform for global growth.

“I’ve concluded that it’s the right time for me to step down and free up time to pursue other challenges. It’s been difficult to reach this conclusion, but it’s nonetheless the right decision.”

Poulsen took charge as the company’s CEO in 2012, and since then has led the group’s transformation as one of the world’s biggest developer of offshore wind farms.

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Ørsted board of directors has already initiated a process to identify the next CEO. Chairman Thomas Thune Andersen said: “Henrik has led a profound and highly successful transformation of Ørsted over the past eight years, and on behalf of the board, I’d like to express our sincere gratitude and appreciation for the remarkable results he’s spearheaded together with the entire Ørsted team.

“We regret his decision to resign as CEO of Ørsted, but we, of course, respect his wish to free up more time for other activities.”

Orsted stated that Poulsen’s resignation will not impact its financial guidance or its expected investment level in 2020.