SalMar's CEO announces decision to step down

SalMar ASA's CEO Leif Inge Nordhammer has notified the company's board of directors of his intention to resign his position, reports www.megafishnet.com with reference to SalMar.

Mr Nordhammer has led the company for 15 years - a period of rapid growth and strong biological, operational and financial results. The board has with regret accepted Mr Nordhammer's decision, and has started the process of recruiting his replacement. Mr Nordhammer will continue to serve as CEO until his successor is in place. Commenting on Mr Nordhammer's decision, Bjorn Flatgard, chair of SalMar's board of directors, said: "Under Leif Inge Nordhammer's leadership SalMar has grown from a regional fish farming enterprise to a leading international aquaculture group. An uncompromising focus on the health and welfare of the company's fish stocks has been a cornerstone of this growth. Leif Inge has been at the forefront in ensuring that all SalMar's employees live up to the company's standards in this area every day. This commitment has produced solid results, both strategically and operationally. However, while deeply regretting Leif Inge's decision to step down, we fully understand his desire to focus on other priorities after 15 years as the company's chief executive." SalMar's board of directors has started the search for a new CEO, and Mr Nordhammer will continue in his position until his successor is ready to take over. The board of directors and Mr Nordhammer have also agreed that following his replacement he will be able to assist the company on selected, pre-defined projects. In 2009 SalMar harvested 77,500 tonnes gutted weight of salmon, generating gross operating revenues of NOK 2,377 million and an operating profit before fair value adjustment of the biomass of NOK 585 million. SalMar is headquartered in Frøya, South Trondelag, where the company is currently ramping up of the aquaculture industry's most modern harvesting and secondary processing plant - InnovaMar. Leif Inge Nordhammer himself said: "I have experienced a lot during my time in SalMar, and along with my co-workers we have achieved considerable advancement and solid results. With the start-up of InnovaMar the company is embarking on a new phase in its development. After 15 years as chief executive I have therefore come to the conclusion that now is the right time to let someone else take the reins. SalMar's position is extremely strong - operationally and financially. The company will be a dominant player in this growth industry for the years to come."

For further information, please contact: Bjørn Flatgard, Board Chair SalMar ASA, +47 901 49 803 Leif Inge Nordhammer, CEO +47 916 85 250