Trondheim, Norway-based cod aquaculture company Norcod announced it has received new members on its board – and lost some older members – as the company prepares to migrate from the Euronext Growth market to a listing on the Oslo Stock Exchange.
The company first announced its plans to move forward with a commercial-scale cod farm in 2019, and since that time has had successful private placements, doubled its farmed cod production, and landed contracts with retailers for its products. Now, Blueplanet Academy AS Chief Commercial Officer Trine Danielsen and soon-to-be-former Norwegian Seafood Council CEO Renate Larsen have joined the company’s board of directors as it prepares to enter the main list at the Oslo Stock Exchange.
Danielsen, prior to her role as CCO of Blueplanet, served as the state secretary in Norway’s Ministry of Trade, Industry, and Fisheries, and in the past was mayor of the Hjelmeland Municipality.
“Aquaculture is the only sustainable means of increasing seafood supply to meet the food needs of the world's growing population,” she said. “Responsible cod farming will be a big part of that story and I am very proud to be joining the board of a company committed to the highest sustainability standards.”
Larsen has been the CEO of the NSC for six years and previously served as the CFO and managing director of Lerøy Aurora. Larsen has also served on multiple board for state and private companies, according to Norcod.
“I am thrilled to be joining the Norcod board and will do all I can to support the company during the next stages of its development,” Larsen said.
Norcod CEO Christian Riber called having Larsen and Danielsen on the board is a “real feather in our cap.”
“We are extremely pleased that Renate and Trine accepted the invitation to join our board,” Riber said. “Their outstanding experience and insight from fish farming and the Norwegian seafood industry will be invaluable for our further growth.”
The new members come as current board chair Marit Solberg and board members Boe Spurre and Tore Tønseth announced during a general meeting that they will not be standing for reelection onto the board.
“It has been fantastic to participate in the rebuilding of the farmed cod industry and be witness to the success Norcod has achieved so far,” Solberg said in a release from Norcod. “The company is in an excellent position and I am happy to pass on responsibility to the new board. I am confident that Trine and Renate can contribute greatly to Norcod’s further development.”
Norcod’s majority owner, Jan Severin Sølbek, will take Solberg’s place as chair.
Norcod said it has “finalized its first full production cycle,” and the company is planning to harvest its second cycle in Q3. The company also said it plans to put its third cycle of cod into the company's net-pens during the summer. The company plans to increase its year-round supply of salmon to 25,000 metric tons by 2025.
