AKVA CEO Knut Molaug resigns

Knut Molaug has asked the Board of Directors to be released from his position as CEO of AKVA group ASA.

 

“The last two years has been tough for the company and for me as the top manager,” Molaug said in a statement.

 

“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,” he said.

 

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.

 

Main owner Frode Teigen and the members of the Board have nominated Molaug to the election committee to become a Board member at the next at the next Annual General Meeting.

 

Molaug left his position effective as of 6 August, 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 9 years and has amongst others been manager of the company’s operations in Chile for several years and CFO since January this year.

 

AKVA group is a provider of aquaculture technology. The company has more than 25 years of experience in design and manufacturing of steel cages, plastic cages & work boats, feed systems, feed barges, sensor systems and fish farming software.