A little over a year after Rich Products acquired Morey’s Seafood International, Morey’s President Jim Walstrom is leaving the company.
However, industry veteran Walstrom is not retiring, he said in a statement Rich provided SeafoodSource. Walstrom did not say where he is heading next, but he will remain as an advisor to Rich, which owns SeaPak and many other food brands.
“I’m looking forward to spending more time with my own family, but I’m definitely not retiring,” Walstrom said. “As I move on, I’ll be repurposing and retooling what I’ve learned from this amazing business and my Morey’s family.”
Jim Motos, senior vice president of Rich’s consumer brands division, referred to Walstrom as “a legend in our industry.”
“It’s been an absolute privilege to work closely with him and I’m immensely grateful for the vast amount of knowledge and support he’s given us throughout this transition process,” Motos said.
In early February 2020, Rich acquired Plymouth, Minnesota, U.S.A.-based Morey’s Seafood for an undisclosed amount, expanding Rich’s presence in the U.S. value-added seafood market.
Since it brought on Morey’s, Rich has been able to “provide resources the distributor did not previously have immediate access to that allowed us to take advantage of opportunities the market presented,” Motos told SeafoodSource.
And, while Morey’s “has always had great products, the biggest void was the ability to generate awareness around these high-quality items,” Motos said. “The acquisition by Rich’s has allowed for this.”
Walstrom was hired by Morey’s more than 26 years ago, working himself up to serve as president of the company’s distribution business in 2003 and as president and CEO of Morey’s overall business for the past 10 years.
Morey’s has largely remained a family business over the years, according to the statement. Walstrom described the team in Minnesota as the best in the business, and a hard-working, tight-knit group.
Walstrom also had plenty of praise for the industry − in particular, the friendships he’s established through his work with the National Fisheries Institute.
“This industry chose me, rather than the other way around,” Walstrom said. “I don’t know what the future holds, but I owe a great deal to this business and the folks within it, because they welcomed and nurtured me. I’m very grateful for that.”
Walstrom shared a piece of advice for others in the seafood industry.
“I would implore people in the industry to forge solid relationships and to not be transactional in the performance of their business,” he said. “A low price only gives once, and it won’t do a thing for you when times get tough. Good relationships and good partners will be there to help each other through whatever tough times may come their way.”
Photo courtesy of Rich Products
