Mowi Chairman Ole-Eirik Lerøy is stepping down from the board after 15 years with the company, the company announced 24 October.
The nomination committee will propose that Seatankers Investment Director Ørjan Svanevik succeed Lerøy in leading the Bergen, Norway-based salmon farming giant.
“It has been an honor to serve Mowi during the era of becoming the world’s largest supplier of farm raised salmon," Lerøy said in a statement. "Today, Mowi is a fully integrated global seafood company, bringing salmon of supreme quality to consumers around the world, and is perfectly positioned to continue the growth journey towards the newly announced 2029 ambitions.
“The company is stronger than ever, the outlook sound, and the timing right, to pass the relay baton. I look forward to seeing it grow and develop in the future,” Lerøy added.
Lerøy has been “instrumental” in developing the strong organization that Mowi is, said John Fredriksen, the company’s largest shareholder.
"We highly appreciate his contributions over the past 15 years, which will serve as a strong platform for the future value creation," Fredriksen said.
Mowi will convene meeting shortly to confirm Svanevik as chairman of the board. According to the company, he has broad operational experience, including serving as CEO of Arendals Fossekompani, head of M&A at Aker and Chief Operating Officer of Kværner, in addition to holding chair- and board positions in listed companies including Mowi, Volue, Seadrill and Archer. Svanevik is also a board member of, among others, Axactor, Western Bulk and Paratus Energy.
The news comes after a challenging week for Mowi after more than one million salmon died at two adjacent Mowi Scotland fish farms.
Additionally, the company's preliminary EBIT dropped EUR 30 million (USD 32 million) to EUR 173 million (USD 187 million) in the third quarter compared to the third quarter of 2023, even though it harvested a record volume of salmon.