Gigante confirms new CEO in board shake up

Norwegian land-based salmon farmer Gigante Salmon has a new Chief Executive and has also managed to receive commitment of NOK 120 million (almost £9m) in funding, the company has announced.

Gigante Salmon had problems earlier this year, reporting significant mortality with its second smolt batch.

In a double Oslo Stock Exchange announcement today, the company named Kjell Lorentsen, (pictured) who has been acting CEO for the past month, as its permanent CEO.

His predecessor, Helge Albertsen, went after it was learned that construction costs could be up to 50% higher than estimated at the company’s Rødøy facility.

Gigante Salmon also announced the appointment of Liv Monica Stubholt as Chairman of the board.

And in another major change, Kristian Lorentsen, Dagfinn Eliassen and Iselin Tenfjord have been nominated as new board members with Kristin Ingebrigtsen leaving the board.

Liv Monica Stubholt, Chairman, Gigante Salmon

Gigante said this morning: “The composition of the board has been assessed holistically based on competence and experience.

“Liv Monica Stubholt will, with her experience from the seafood industry, politics and law, strengthen the board with valuable insight.

“Iselin Tenfjord has strong expertise in finance, while Dagfinn Eliassen brings operational experience and insight from the aquaculture industry. Kristian Lorentsen adds solid expertise in management and auditing.”

In a second announcement, Gigante Salmon said it has successfully received a loan commitment of NOK 120 million from Sparebank 1 Nord Norge, which is supported by Export Finance Norway.

This supports an earlier equity financing of the company for a total subscription of up to NOK 130m (around £9.6m). Gigante says it now has a structured plan to cover increased construction costs at its Rødøy site.