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Liv Monica B. Stubholt is now the company's Interim President and CEO, who for the last four years, has been secretary of state, first of Foreign Affairs, and from 2007 in Petroleum and Energy with the responsibility of both ministries for the bilateral relationship with Russia.

 

“I have a penchant for taking up challenges. Having worked with Norway’s fisheries industry, I accepted the responsibility of leading Aker Seafoods until the company’s permanent management team is up and running this fall”, says Liv Monica B. Stubholt.

 

“My job at Aker Seafoods is to drive efforts that will make the business more robust and future-oriented, to the benefit of the company’s shareholders, employees, customers, working partners, and society at large. Norway, with its carefully managed marine resources offers a good starting point,” she added “Now, the challenge is to improve value creation in all links and make more of our fish resources.”

 

Board Chairman Frank O. Reite said: "Yngve Myhre has worked long and hard to build an integrated seafood company with operations that span the entire harvesting-through-sales value chain. The European market and Norway's seafood processing industry are changing. We will take advantage of new eyes to assess new opportunities and solutions to improve profitability and the company's financial flexibility". Mr. Reite is general manager of Converto Capital Management, a company that serves as investment advisors to Aker Capital Fund. The fund owns 65.9 percent of Aker Seafoods shares.

 

"The Board and I agree that the company has reached a crossroad. I am convinced that bringing a new helmsman on board is appropriate for charting a new course. I thank Aker Seafoods' shareholders, Board, and fellow employees for the nine great years I have had with the company," says Yngve Myhre.

 

Mr. Myhre took over as President and CEO of Norway Seafoods in 2001. He continued as President and CEO of Aker Seafoods following the 2005 industrial merger and name change.

 

Aker Seafoods' management will explore streamlining the company and prepare for a possible Group restructuring. A comprehensive plan will be presented to the Board within the next six months.

 

 

"We are pleased that Liv Monica B. Stubholt has agreed to tackle this project. The Board will soon start recruitment of a new, permanent Aker Seafoods CEO," says Mr. Reite.

 

Pursuant to Aker Seafoods' employment contract with Yngve Myhre, he will receive 12 months' severance pay after the end of his termination period, NOK 2.3 million in total. The severance pay reflects the non-competition clause in Myhre's employment contract. He will also receive a bonus of NOK 395,000 for work performed over several years.

 

As Interim Aker Seafoods President and CEO, Liv Monica B. Stubholt will receive an annual salary of NOK 2.3 million.

 

 

 

 

Aker Seafoods is a leading international seafood group with the focus on harvesting, processing and sale of whitefish. Its head office is in Oslo, and it has operations in Norway, Denmark, Sweden, the UK and Spain. Aker Seafoods‘ value chain consists of three parts: harvesting, processing and sales and distribution.

Aker Seafoods achieved operating revenues of NOK 2 718 million and earnings before interest, tax, depreciation and amortisation (EBITDA) of NOK 144 million in 2008. Aker Seafoods employs a total of 1 676 people in the Scandinavian countries and the rest of Europe. Aker Seafoods delivers fresh fish products 364 days of the year, and ranks as Europe’s largest whitefish harvesting group. Its integrated value chain creates a close link between harvesting and processing. Harvesting by the group’s own vessels provides about half of the raw material consumed at its Norwegian processing plants.
 

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