August 6, 2010

AKVA group ASA announces changes in management

Knut Molaug has asked the Board of Directors to be released from his position as CEO of AKVA group ASA. The Board has accepted his request, but would at the same time like to take advantage of his knowledge and experience within the aquaculture industry going forward. The Board of Directors including main owner Frode Teigen has informed the election committee that they will recommend that Molaug to be nominated for the Board of Directors at the next Annual General Meeting. The Board would like to thank Molaug for his efforts and contributions for the development of the company through these years.

"The last two years has been tough for the company and for me as the top manager. When I now step down from my position as CEO of the company, this is a consequence of the fact that I feel that I have to take the responsibility for having misjudged the market development in the wake of the financial crisis. This has lead to a wrongly dimensioned organisation and thus we have not been able to deliver satisfactory financial results in this period. This is my responsibility and it is with this background I have asked the Board of Directors to be released from my position," said Knut Molaug.

Molaug will leave his position with effect from August 6, but will be partly engaged by the company for some months still. Morten Nærland, now CFO, is temporarily appointed CEO. Nærland has been employed by AKVA group for nine years and has amongst others been manager of the company's operations in Chile for several years and CFO since January this year.