Akva CEO leaves following market ‘misjudgement’

Industry Database

Knut Molaug has left his position after 22 years as CEO of Akva Group ASA. CFO Morten Naerland has been temporarily appointed as CEO of the aquaculture equipment manufacturer.

Molaug asked the board of directors to be released from his position. The board accepted his request, but wants to take advantage of his knowledge and experience within the aquaculture industry going forward.

The board, including main owner Frode Teigen, informed the election committee that it will recommend that Molaug is nominated for the board of directors at the next annual general meeting.

“The last two years has been tough for the company and for me as the top manager,” said Molaug. “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.

“This has lead to a wrongly dimensioned organisation 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.”

Molaug left his position effective 6 August, but will be partly engaged by the company for some months still.

Temporary CEO Nærland has been employed by Akva for nine years and had among other roles been manager of the company's operations in Chile for several years and CFO since January this year.

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