A leading firm in the Scottish salmon industry has replaced its chairman and chief executive. The clearout of the former team in charge of the Scottish Salmon Company has been described as a move from a restructuring phase to one of growth.
It follows the sudden replacement of a previous chief executive earlier this year.
Outgoing chairman Jim Mullins left with immediate effect on Friday 10 December, as did his chief executive Mike Corbett.
A spokesman denied the move had been a boardroom coup.
The Scottish Salmon Company has about a fifth of Scottish farmed production, at 24,000 tonnes per year. It employs 350 staff at more than 40 sites on the west coast and the Hebrides.
Last year, it had turnover of £63 million (€74.9 million/$99.1 million), and pre-tax profits of £10.5 million (€12.5 million/$16.5 million).
It faced "severe liquidity problems" two years ago, when it was named Lighthouse Caledonia, but secured new funding and overhauled its board in May last year.
The company changed its name earlier this year, with a share exchange offer. It is listed on the junior stock market in Oslo while registered in Jersey.
Its new chairman, Robert M Brown III, is an American who was MD of Lehman Brothers bank for 16 years to 1994, and has expertise in Russian investment banking.
Aged 63, he joined the board of the Scottish Salmon Company two months ago.
While the board sees him as bringing investment expertise in the chairman's role, the new chief executive, Bill Hazeldean and the new chief operating officer, Stewart McLelland, have experience in seafood and retail.
[Source: BBC News]
