Helge Kvalvik will step down as CEO of Norwegian salmon farmer Måsøval on June 30, the company announced on Wednesday, as its controlling shareholder begins a strategic review of its ownership.
Kvalvik will remain in the role until the end of June to ensure what the company described as an “orderly transition.”
Chairman Lars Måsøval said the board “greatly appreciates Helge Kvalvik’s efforts and valuable contributions to the development of Måsøval during his tenure as CEO.”
Kvalvik said he had “three very rewarding and exciting years” at the company but felt it was “the right time… to seek new challenges.”
Lars Måsøval has informed the board he is available to combine the roles of chairman and CEO temporarily until a permanent successor is appointed.
Strategic review of controlling stake
Separately, Heimstø AS, the holding company of the Måsøval family and owner of roughly 70% of the company’s shares, said it has initiated a strategic review of its investment.
Heimstø has appointed DNB Carnegie as financial adviser to evaluate alternatives related to its ownership.
The company said the review “does not entail a decision to carry out a transaction,” but is intended to explore various strategic options.
Should a transaction occur, Heimstø said it intends to facilitate an opportunity for minority shareholders to sell their shares on equal terms.
Industry consolidation possible
The move raises the prospect of further consolidation in the Norwegian salmon farming sector.
Måsøval operates in production areas 5 and 6 in central Norway and is one of the few listed salmon farmers with exposure limited to a small number of production regions.
The company’s asset base, particularly in production area 6, could make it an attractive target for larger producers such as Mowi, SalMar, or Lerøy Seafood Group, which already operate in the same areas, according to industry analysts.