NORWAY – Atlantic Sapphire, a salmon farming company based in Norway, has announced the appointment of a new chief executive officer to succeed founder Johan Andreassen.
Pedro Courard, currently serving at Chilean salmon producer Cermaq, is set to assume the role on 1st August, following Andreassen’s decision to step down around six months ago.
Courard brings over 25 years of experience from the Chilean salmon industry to his new position, having held various management roles, including the position of managing director at Cermaq Chile, the country’s second-largest salmon producer.
Expressing his satisfaction with Courard’s selection, Andreassen stated, “Pedro has a strong operational track record in the Chilean salmon industry, and I am confident that he will effectively lead the Miami operations and drive the company towards operational excellence in Phase 1 and beyond.”
While Andreassen will continue in the CEO role until Courard relocates to Florida, he plans to stay with the company for a transitional period to ensure a smooth handover.
In his response, Courard expressed his excitement and gratitude for the opportunity to lead the world’s largest land-based salmon production project.
He emphasized his belief in the potential of land-based salmon farming to revolutionize the aquaculture industry and address global protein production challenges.
Founded in 2010, Atlantic Sapphire boasts 158 employees and approximately $342.3 million in total assets, as reported in its latest annual report.
The company generates nearly 99% of its revenue from the US market, owning a land-based Atlantic salmon farm in Miami, Florida.
In 2023, Atlantic Sapphire faced financial challenges, experiencing a decline in revenue from $19 million in 2022 to $14 million – . This decrease in revenue was attributed to ongoing maintenance work and temperature-related issues that overshadowed the company’s positive operational improvements.
However, the company weathered the storm, with an adjusted EBITDA standing at a reduction of $63 million in 2023, showing improvement compared to the $73 million loss reported the previous year
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