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Orsted: New CFO, COO. Not Credit Material.

CAPITAL GOODS

Orsted (ORSTED DC) has appointed a new CFO. He comes from being CFO of Maersk (having been at Telenor and Aker Kvaener previously). He starts 1-Apr alongside newly-promoted COO Patrick Harnett. CEO Mads Nipper defenestrated the previous CFO and COO in Nov-23 as he struggles to turn around the Danish wind firm. We don't see this as a credit-material event.

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