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Cermaq CFO Resigns

20 February 2014

NORWAY - Cermaq's Chief Financial Officer (CFO) Tore Valderhaug will, for personal reasons, step down from his role in the company.

Mr Valderhaug will leave his position as CFO on 11 April 2014, but will be at the disposal of the company an additional period.

The recruitment of a new CFO will commence immediately. Project Director Geir Sjaastad will be acting as CFO from 12 April 2014 and until the new CFO takes up the position.

"Tore Valderhaug has contributed significantly to the strategic development of Cermaq and has devoted considerable efforts to the company in a challenging period," said CEO Jon Hindar.

Beyond the term of notice Mr Valderhaug receives compensation equal to six months’ salary. This compensation also reflects compensation for one year competition restrictions imposed on Mr Valderhaug.

Mr Valderhaug commented: "I have enjoyed four great, but very demanding years in Cermaq where I have had the opportunity to participate in major strategic processes. Now I want to spend some time to consider what I will do next."

TheFishSite News Desk

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