Premier Fishing CEO resigns

Cape Town, South Africa-based Premier Fishing and Brands announced its CEO, Rushaan Isaacs, has resigned, and Soreen Ramdenee has been appointed to take over the role effective 31 May.

In a notice to the Johannesburg Stock Exchange, the company announced that Isaacs, who has held the position of CEO since 1 February, 2020, is resigning but will “remain within the group and retain an executive position on the board.”

Ramdenee, a certified public accountant with 32 years’ experience working at major international companies in the U.K., Mauritius, and South Africa, previously served as the CFO at the corporate event management and production company espAfrica.

Premier said Ramdenee “is tasked with the strategic direction of the group and using his considerable expertise to expand the group’s operation in South Africa and into international markets.”

This is the second time in just over a year that a member of Premier Fishing and Brand’s executive team has resigned but taken up another position within the company. In March 2021, Ismet Amod resigned from the position of non-executive director of the company, effective 31 March, 2021. Amod then took up another role within the group as an executive director heading up the group’s health technology division, within African Equity Empowerment Investments Limited’s associate company AYO Technology Solutions Limited.

Isaacs, who has more than 18 years of sales experience within the fishing industry, presided over a difficult period for the company and the global seafood market as international lockdowns and restrictions hit sales. Despite the challenges, Premier Fishing posted a positive performance during her tenue, reporting a 27 percent increase in revenue for the year ended 31 August, 2021. Revenue increased to ZAR 575 million (USD 35.6 million, EUR 33.7 million) up from the ZAR 453 million (USD 28.1 million, EUR 26.6 million) in the same period in 2020. The company also posted a 26 percent increase in its gross profit, earning ZAR 192 million (USD 11.8 million, EUR 11.2 million).

In its announcement, the company said it is “in a sound financial position and has access to sufficient borrowing facilities to meet its foreseeable cash requirements.” Premier Fishing and Brands holds medium- to long-term fishing rights for rock lobster on the west and south coasts of South Africa, in addition to small pelagics, hake, swordfish, tuna, and squid.  

Photos courtesy of Premier Fishing and Brands and espAfrica