Akva Group on Friday announced that Knut Molaug, after 22 years as CEO, requested to be released from his position, effective 6 August, after taking responsibility for the company's weak performance over the last two years.
The aquaculture-technology company's board of directors agreed Molaug's the request, but intend to nominate him for a position on the board in order to utilize his knowledge and experience within the aquaculture industry.
CFO Morten Naerland, who had been with the company for nine years, temporarily assumes the CEO position.
"The last two years have been tough for the company and for me as the top manager. When I now step down from my position as CEO of the company this is a consequence of the fact that I feel that I have to take the responsibility for having misjudged the market development in the wake of the financial crisis," said Molaug. "This has led to a wrongly dimensioned organization and thus we have not been able to deliver satisfactory financial results in this period. This is my responsibility and it is with this background I have asked the board of directors to be released from my position."
While the company saw some financial improvement in the first quarter of 2010, the company stated uncertainty was still prevalent.
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