Gigante Salmon’s Leadership Reshuffle and Financial Boost That Secures Around $10,9 Million in Funding

Norwegian land-based salmon producer Gigante Salmon makes significant strides as it appoints a new Chief Executive Officer and secures approximately $10,9 million in funding, the company announced. Additionally, Gigante Salmon announced the appointment of Liv Monica Stubholt as the Chairman of the board, signaling a strategic shift in leadership. The company also nominated Kristian Lorentsen, Dagfinn Eliassen, and Iselin Tenfjord as new board members, with Kristin Ingebrigtsen stepping down.

This restructuring aims to bolster the board’s expertise and experience across various sectors, including seafood, finance, operations, and management. Furthermore, Gigante Salmon secured a loan commitment of around $10,9 million from Sparebank 1 Nord Norge, supported by Export Finance Norway. This funding, combined with an earlier equity financing of up to about $11,8 million, provides Gigante Salmon with a structured plan to address increased construction costs at its Rødøy site.

Gigante Salmon faced challenges earlier this year, notably experiencing significant mortality in its second smolt batch. In response to these issues, Kjell Lorentsen, who served as the acting CEO for the past month, has been appointed as the permanent CEO, succeeding Helge Albertsen. Albertsen’s departure came amidst revelations of construction cost discrepancies at Gigante Salmon’s Rødøy facility, potentially exceeding initial estimates by up to 50%.

These strategic moves underscore Gigante Salmon’s commitment to addressing challenges head-on while positioning the company for sustainable growth and success in the competitive salmon farming industry.

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