Roeland Baan, who was due to step down at the end of May, will make way for Elena Scaltritti as the new President and CEO from Thursday (5 March), after the “satisfactory” results.

Topsoe said the fast-tracked transition came at Baan’s own request.

“This alignment on the strategic direction and planning between the Board of Directors, our owners, senior management, and the wider organisation is clear and decisive, making it possible to execute a transition faster than planned,” he said.

Baan has held the role since 2020 and oversaw the company’s transition from Haldor Topsoe as it increased its focus on clean technologies such as green hydrogen.

Scaltritti has been Chief Commercial Officer since 2022 © Topsoe

His successor, Scaltritti, said she was “highly appreciative” of Baan’s efforts and collaboration in the transition.

Topsoe’s revenues were at the upper end of its guidance, giving it an EBIT of DKK 728m ($105m).

DKK 1,599m ($231m) of its revenues came from business related to technologies and solutions for e-fuels, low-carbon fuels, and renewable fuels. It opened a 500MW solid oxide electrolyser cell factory in October, which will initially supply projects in the US and Spain.

Baan said the firm was operating in a “new market environment,” pushing it to improve “productivity and competitiveness.”

“We maintained a strong market position and delivered satisfactory results – even in a year challenged by macroeconomic and geopolitical uncertainty,” he said.