Denmark: Dong Energy’s Board Loses Confidence in Eldrup

Denmark: Dong Energy's Board Loses Confidence in Eldrup

Danish energy giant, Dong Energy, today unveiled more details on the recent resignation of the company’s CEO, Andres Eldrup.

According to Dong Energy’s Chairman of the Board of Directors, Fritz Schur, the company’s Board has learnt that the former CEO has been involved in some unusual employment and termination terms for a few key employees in DONG Energy, without the Board’s knowledge.

The Board has unanimously declared it has lost confidence in Eldrup and the company’s statement says that it is against this background that Anders Eldrup has stepped down as CEO of DONG Energy

Furthermore, the company has, in order to get a better insight into the case, started a legal inquiry:

“At the present time, the Board of Directors is working on the assumption that only a very small number of employees have these unusual terms of employment. To establish the full facts, the Board of Directors has initiated an independent legal inquiry, whose findings are expected to be available in two weeks.”

Dong Energy’s statement further says that the company will not provide any more details until the matter is resolved. Still, the management had some good words for Eldrup:

”We do not believe that Anders Eldrup has acted for personal gain in this case. We continue to acknowledge the huge contribution that Anders Eldrup has made over the years to make DONG Energy one of Northern Europe’s leading energy companies,”  Schur concluded.

Offshore Energy Today Staff, March 14, 2012; Image: Dong Energy