Grieg CEO and Chairman quit as company prepares for major changes
Andreas Kvame is quitting as Chief Executive of Grieg Seafood after 10 years in post, as the company faces a period of turmoil. Per Grieg junior has also announced that he is stepping down as Chairman.
Both announcements came late on Sunday, and follow rumours swirling around Oslo on Friday that a group of rebel shareholders were demanding the removal of Per Grieg Jr with a possible takeover in mind.
Grieg reported heavy losses from its British Columbia business last year and it has suspended work on its post smolt facility in Newfoundland.
If US President Donald Trump goes ahead with his tariff threat against Canada, Grieg’s Canadian operations are likely to be even further hit.
A sale of those businesses now seem even more likely but Grieg could have problems finding a buyer while tariffs are in place.
Last night’s announcement said: “The board has initiated the search process for a new CEO. Nina Willumsen Grieg, Regional Director of Grieg Seafood Rogaland, has been appointed interim CEO, with Andreas Kvame supporting the CEO transition process.
“In line with good corporate governance, Per Grieg Jr. steps down as Chair of the Board of the Company and takes the position as a regular Board Member.
“In line with good corporate governance, Per Grieg Jr. steps down as Chair of the Board of the company and takes the position as a regular board member.”
The statement added: “In February, the Company initiated a financial transformation programme, aiming to transform Grieg Seafood into a focused Norwegian seafood producer, concentrating on core operations in Rogaland and Finnmark.
“By streamlining the company’s portfolio and reinforcing its financial foundation, Grieg Seafood is positioning itself for a return to profitability and long-term sustainable growth in its home market.
“This programme will be executed as planned. Nina Willumsen Grieg has worked in Grieg Seafood for 10 years in various executive, strategic and operational roles. During her four years of managing Rogaland, the region has shown strong results both financially and biologically.”
Andreas Kvame said last night: “It has been a true privilege to lead Grieg Seafood for more than 10 years, and I want to thank all of my colleagues for their efforts.
“A main priority has been the development of post-smolt production, which I strongly believe will play an important part in the future of the entire salmon farming industry. Currently it is a challenging time for Grieg Seafood.”
He added: “As a result of the financial transformation program initiated, the company has been stabilised financially and is positioned to take the measures needed for operational improvements. I wish my successor the best of luck and believe Grieg Seafood has a bright future ahead.”
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