Salmon Evolution CFO Trond Håkon Schaug-Pettersen has been promoted to become CEO of the land-based salmon-farming start-up.
Schaug-Pettersen was appointed CFO of Salmon Evolution in October 2020 and has been serving as interim CEO of the company since October 2022, when Håkon André Berg stepped down from the position, citing family issues.
“Schaug-Pettersen has extensive experience from both the seafood industry and the capital market and has over the last two years been an integral part of Salmon Evolution’s executive management,” Salmon Evolution said in a 10 January announcement.
Salmon Evolution is constructing a flow-through, land-based aquaculture system in an abandoned quarry at Indre Harøy on the west coast of Norway. With a target production capacity of 31,500 metric tons (MT) of salmon, the facility will eventually be the largest land-based farm in Europe, according to the company. The first phase of the farm is now in operation and has an annual production capacity of 7,900 MT head-on gutted salmon.
Additionally, in July 2020, Seoul, South Korea-based Dongwon Industries – South Korea's largest seafood company – provided NOK 50 million (USD 5.7 million, EUR 5.1 million) in investment in the project in exchange for a 9.7 percent stake in Salmon Evolution. In September 2020, they announced a plan to build a land-based salmon farm with a capacity of 16,800 MT in Yangyang, Gangwon-do, South Korea through the K Smart Farming joint venture.
Recently, Salmon Evolution announced it has initiated the process of establishing a land-based salmon farming operation in North America.
"The board of directors is pleased to have an internal candidate take over the helm at Salmon Evolution,” Salmon Evolution Board Chair Tore Tønseth said. “Trond Håkon has long experience from and deep understanding of the salmon industry, he knows the company from the inside and out, he is a great representative for Salmon Evolution’s unique corporate culture, and he enjoys strong support within the company and amongst key stakeholders. Furthermore, with the company now ramping up its activity level both in Norway and abroad, the appointment of Trond Håkon secures continuity during this important phase.”
Before joining Salmon Evolution, Schaug-Pettersen worked as senior vice president of finance and business development at salmon farmer and processor Hofseth International, prior to that, as an investment banker at Swedbank-First Securities.
“I am excited and honored to take on the position as CEO of Salmon Evolution. 2022 was a milestone year for the company, which we rounded off by successfully harvesting out our first batch with very strong results, all thanks to our excellent group of dedicated employees. More than ever, I am confident that Salmon Evolution has a unique platform to shape and lead the development of land-based salmon farming, both in Norway and abroad,” Schaug-Pettersen said.
To replace Schaug-Pettersen as CFO, Salmon Evolution has hired Trond Vadset Veibust, the former senior vice president for it and strategic projects at Norwegian furniture-maker Ekornes. He previously worked at Ernst & Young as an auditor and is a state-authorized public accountant. Veibust is scheduled to join Salmon Evolution in Q2 2023.
“I have followed Salmon Evolution from the outside for some time and I very much look forward to contribute in developing the company into a leading player in the global salmon market,” Veibust said.
Photo courtesy of Salmon Evolution
