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Francois Kuttel presented his resignation as Oceana CEO. (Photo: Oceana)
Oceana CEO resigns and intends to acquire majority stake in US company
(SOUTH AFRICA, 2/15/2018)
Oceana CEO, Francois Kuttel announced his resignation, as part of a strategyto become the largest shareholder in a fishing business that provides a key service to Westbank Fishing, the group’s biggest offshore subsidiary.
In 2015, Oceana acquired Daybrook Fisheries, a company that specializes on fish meal and fish oil based in Louisiana, US, as well as an indirect 25 percent stake in Westbank Fishing. Westbank operates the fishing vessels that supply fish to Daybrook’s processing plant.
As the US American Fisheries Act stipulates that qualifying fishing vessels in the US must be owned and controlled by American citizens, Oceana could not acquire a larger skate in Westbank before. The remaining 75 percent stake in Westbank was retained by Westbank Fishing Partners (WFP).
Kuttel expressed his willingness to acquire the 75 percent skate in Westbank, after a bidding process was launched, Business Day reported.
“After thorough deliberation the Independent Committee identified Mr Kuttel’s proposal as being the most attractive to Oceana and Daybrook Fisheries,” said a notice issued to shareholders.
The Oceana board’s independent committee supported Kuttel, based on his previous experience at operating and managing a fleet of vessels for 10 years in an Alaskan fishing company.
Oceana explained that the independent committee followed a robust and transparent process in which "proper and careful consideration" was given to all the bids received.
Furthermore, the company explained that among the key evaluation criteria applied by the independent committee, also were US citizenship, commercial attractiveness of the proposed transaction, the longevity of any new structure proposed, the bidder’s ability for innovation and knowledge of the industry.
The new interim CEO will be Rodney Gerald, who will be effective from March 1.
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