SalMar names new CFO, removes NRS merger deadline

SalMar has appointed Ulrik Steinvik to the role of chief financial officer, replacing Gunnar Nielsen, who resigned in September 2022.

Steinvik joined the Frøya, Norway-headquartered salmon-farming company in 2006, and has since held several executive positions, most recently director of business improvement.

SalMar's newly appointed CEO, Frode Arntsen, said he was pleased that Steinvik had accepted the role.

“Ulrik and I have worked closely together in the management group for years, and I look forward to continuing our close cooperation. Ulrik's extensive experience and expertise will be valuable in the further development of the company," Arntsen said.

Before joining SalMar, Steinvik served with Arthur Andersen Norway and Ernst and Young from 1998 to 2006. He graduated from the Norwegian School of Economics and Business in 2002, and holds the title of Norwegian state-authorized public accountant.

"I am excited and honored to take on the position as CFO of SalMar and I look forward to continue to strengthen SalMar going forward," he said.

Separately, SalMar held an extraordinary general meeting on 27 October, 2022, at which the company's shareholders approved the removal of the deadline for the merger between SalMar and Norway Royal Salmon (NRS).

SalMar confirmed it entered into a merger plan with NRS in May 2022, following months of tension after NTS – the majority shareholder of NRS – blocked a share issuance that was intended to give NRS the capital it needed to acquire a separate company, SalmoNor. Following the blockage, NRS sued NTS, even as NTS sought to delay the purchase of SalmoNor as a condition of being acquired by SalMar.

“The merger shall be completed as soon as practicably and legally possible,” the company’s meeting minutes state. 

SalMar harvested 53,600 metric tons (MT) of head-on gutted salmon in the third quarter of 2022, up 1,500 MT over Q3 2021 due to an increased volume from its largest business segment, Farming Central Norway, as well as from its Icelandic operations.

The company’s full report for Q3 2022 will be released on 10 November, 2022.

Photo courtesy of SalMar