Oceana Group appoints Elton Bosch as new chief financial officcer

SOUTH AFRICA – South Africa’s fishing giant, Oceana Group, has appointed Elton Bosch, as its chief financial officer and executive director of the company.

According to a statement issued by the company’s board of directors, the former CFO at Clover Industries will assume office with effect from June 17, 2019.

Bosch resigned from his position at Clover in 2017 and having have also worked as an audit and advisory partner at Deloitte, and director and shareholder of Gobodo.

The fishing group said Bosch “is a seasoned business executive with a wealth of experience across Africa, as well as exposure to the European and Asian markets,” reports Business Day.

“Bosch has held a number of executive positions, including that of a Chief Financial Officer and executive for Business Development, Risk, Africa, HR, and IT at Clover Industries Limited,” Oceana said.

In August last year the company announced the appointment of it long serving chief financial officer, Imraan Soomra, as the chief executive officer and appointed Trevor Giles, a qualified chartered accountant with over 19 years of service at Oceana, as interim CFO.

By then, Oceana said that the move was to ensure ‘a seamless transition and consistency in Oceana’s strategic direction’ following the resignation of Francois Kuttel as the CEO- in order to acquire a majority stake in Westbank Fishing, in which Oceana has a 25% stake.

“The board acknowledges and thanks Trevor Giles, who agreed to take on the role of interim CFO during the recruitment process, for his commitment and important contribution to the company,” Oceana said.

The company said in May that revenue increased by reported 16%  increase in operating profit to US$38.8 million during the six months to end March, boosted by higher volumes in its local canned-fish business.

However, sales were partially offset by lower export volumes in the horse mackerel and hake segments.

Imraan Soomra said in a statement that the company had kept its focus on both the top and bottom line by driving sales in a strategically diversified portfolio while consistently improving the efficiencies.

“Looking ahead, we are confident about the prospects for Lucky Star, although we expect a tougher trading environment and the impact of a weaker rand on imported fish,” said Soomra.

He further highlighted that the second half will be underpinned by improved vessel utilisation in the horse mackerel and hake businesses.

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