GM resigns from Chile’s Invermar
Invermar General Manager Paul Weber Silva is stepping down from the Chilean salmon farming firm at the end of the month, according to a filing with the Santiago Stock Exchange, signed by company president Roberto Izquierdo Menéndez.
Cristián Fernández Jeria will assume the new leadership position, the release said. According to information from Invermar’s website, Fernández Jeria currently serves as zonal manager at the company. He is a mechanical civil engineer, has an MBA from the Universidad de Chile, and has held an executive position at Invermar since 2015 – when the vast majority of the company’s front line began, including Weber Silva. The latter had led the company as general manager since June 2018.
The filing did not cite reasons for Weber Silva’s resignation. The executive had guided the company’s attempt to de-list from the Santiago Stock Exchange, but in a December 2019 filing, he announced that none of the shareholders had exercised their right to withdraw from the company.
In its latest earnings release, Invermar said it had realized a net loss of USD 14.3 million (EUR 12.9 million) in the third quarter of 2019, down from net profits of USD 16.1 million (EUR 14.5 million) seen during the same period of 2018. It cited a USD 11.2 million (EUR 10.1 million) fair value adjustment and increased sales costs as hitting the bottom line.
The previously announced merger with sister company Surmar was put into effect during the first quarter of the year and the results were consolidated.