Board terminates CEO’s contract due to cost escalation
On Tuesday, in a fast moving series of developments, the CEO of land-based salmon farmer Gigante Salmon, Helge E. W. Albertsen was sacked in response to spiralling costs.
Taking the helm as interim CEO is Kjell Lorentsen, effective immediately. Lorentsen brings a wealth of experience to the role, having previously served as CEO of the company from its inception until September 2021.
Albertsen will remain involved with the company in an advisory capacity.
Gigante Salmon faces $33 million shortfall as costs for land-based facility surge
Currently, Lorentsen holds the position of Group CEO at Gigante Havbruk AS.
Simultaneously, Lorentsen will step down from his position on the non-executive board. The process of recruiting a new CEO for the company has already commenced.
Gigante Salmon aims to produce 3,000 metric tons of salmon in its first production phase, with a goal of reaching 20,000 metric tons by 2027.
