SalMar CFO resigns after five months in post
Gunnar Nielsen has resigned as chief financial officer (CFO) of SalMar after just a few months in the role.
The former finance director of Bakkafrost (pictured) returns to the Faroe Islands as director of local energy company Effo.
Effo’s main activity is centered on the supply of fuels and lubricants. With the majority of storage tanks on the islands, it is the main supplier of fuel and lubricants for the maritime market. It is a major supplier to the Faroese fishing fleet, including coastal and offshore trawlers.
Nielsen joined SalMar in April when the group was embroiled in a mammoth takeover battle involving NTS Group and Norway Royal Salmon.
Reasons for his departure were not given, but SalMar said in a statement that he regretted his decision and would immediately begin looking for a replacement.
CEO Linda Litlekalsøy Aase said: “SalMar would like to thank Nielsen for his efforts and valuable contributions to the leadership of the group during his tenure.
Nielsen holds an MSc in Business Economics and Auditing from Copenhagen Business School.
He spent five years at Bakkafrost between 2014 and 2019, a time when the business grew.
In 2015, he successfully helped to secure an 850 million Danish kroner (£105 million) loan from Nordea Bank as working capital and to improve Bakkafrost’s financial situation and fund its growth.