New President and CEO of Aker Seafoods

February 4, 2010 12:00

Yngve Myhre is stepping down as Aker Seafoods' President and CEO. As of 2 February 2010, Liv Monica B. Stubholt is the company's Interim President and CEO, reports ( with reference to the company.

The introduction of a new Aker Seafoods chief executive coincides with the Board of Directors' exploration of measures that will streamline and further develop the Group in the areas of harvesting, processing, marketing, sales, and distribution.

"Yngve Myhre has worked long and hard to build an integrated seafood company with operations that span the entire harvesting-through-sales value chain. The European market and Norway's seafood processing industry are changing. We will take advantage of new eyes to assess new opportunities and solutions to improve profitability and the company's financial flexibility," says Board Chairman Frank O. Reite. Mr. Reite is general manager of Converto Capital Management, a company that serves as investment advisors to Aker Capital Fund. The fund owns 65.9 percent of Aker Seafoods shares.

"The Board and I agree that the company has reached a crossroad. I am convinced that bringing a new helmsman on board is appropriate for charting a new course. I thank Aker Seafoods' shareholders, Board, and fellow employees for the nine great years I have had with the company," says Yngve Myhre.

Mr. Myhre took over as President and CEO of Norway Seafoods in 2001. He continued as President and CEO of Aker Seafoods following the 2005 industrial merger and name change.

Liv Monica B. Stubholt has been appointed Interim President and CEO of Aker Seafoods.

"My job at Aker Seafoods is to drive efforts that will make the business more robust and future-oriented, to the benefit of the company's shareholders, employees, customers, working partners, and society at large. Norway, with its carefully managed marine resources offers a good starting point," says Liv Monica B. Stubholt. "Now, the challenge is to improve value creation in all links and make more of our fish resources. These goals require reinforcing our marketing efforts and evaluating potential structural measures."

Aker Seafoods' management will explore streamlining the company and prepare for a possible Group restructuring. A comprehensive plan will be presented to the Board within the next six months.

"We are pleased that Liv Monica B. Stubholt has agreed to tackle this project. The Board will soon start recruitment of a new, permanent Aker Seafoods CEO," says Mr. Reite.

With the exception of Mr. Myhre's departure, the composition of Aker Seafoods' management team remains unchanged. Group EVP Trond Williksen is in charge of operations and further development of Aker Seafoods' harvesting and trawler fleet. Johannes Palsson is Group EVP in charge of the company's processing activities, and Morten Hyldborg Jensen, Group EVP - sales, is responsible for Aker Seafoods' sales and marketing. Gunnar V. Aasbø-Skinderhaug is the company's CFO.

Pursuant to Aker Seafoods' employment contract with Yngve Myhre, he will receive 12 months' severance pay after the end of his termination period, NOK 2.3 million in total. The severance pay reflects the non-competition clause in Myhre's employment contract. He will also receive a bonus of NOK 395,000 for work performed over several years.

As Interim Aker Seafoods President and CEO, Liv Monica B. Stubholt will receive an annual salary of NOK 2.3 million.

For further information, please contact:

Frank O. Reite, Aker Seafoods Board Chairman, tel:  +47 915 80 604  +47 915 80 604 

Interim President and CEO - fast facts

Liv Monica B. Stubholt (48) was employed by Aker on 1 October 2009. She is the Board Chairman of the carbon capture company Aker Clean Carbon. Ms. Stubholt holds a law degree from the University of Oslo, Norway. A corporate lawyer for 15 years, she became a partner in the BA-HR law firm in 2000. Among issues she has worked on are projects associated with the fisheries and aquaculture industries. From 2005 to 2009, Ms. Stubholt was a State Secretary, initially working at Norway's Ministry of Foreign Affairs; from 2007, she served in the Petroleum and Energy Ministry.

At the Ministry of Foreign Affairs, Stubholt played a key role in developing Norway's strategy for its northern regions, and she was involved in the Norwegian government's WTO negotiations and issues associated with market access for Norwegian seafood. In both ministries, she worked on issues related to Russia, EU/EEA, and energy and climate policies. Stubholt takes a particular interest in issues involving the internationalization of Norwegian business and industry.

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