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Change of Management in AKVA group ASA


Knut Molaug leaves his position after 22 years as Chief Executive Officer of AKVA group ASA. Chief Financial Officer Morten Naerland is temporary appointed as Chief Executive Officer of the company.

Knut Molaug has asked the Board of Directors to be released from his position as CEO of AKVA group ASA. The Board has accepted his request, but would at the same time like to take advantage of his knowledge and experience within the aquaculture industry going forward. The Board of Directors including main owner Mr. Frode Teigen has informed the election committee that they will recommend that Mr. Molaug to be nominated for the Board of Directors at the next Annual General Meeting. The Board would like to thank Mr. Molaug for his efforts and contributions for the development of the company through these years.

- The last two years has been tough for the company and for me as the top manager. When I now step down from my position as CEO of the company this is a consequence of the fact that I feel that I have to take the responsibility for having misjudged the market development in the wake of the financial crisis. This has lead to a wrongly dimensioned organisation and thus we have not been able to deliver satisfactory financial results in this period. This is my responsibility and it is with this background I have asked the Board of Directors to be released from my position - Says Knut Molaug.

Mr. Molaug will leave his position effective as of today 6. August, but will be partly engaged by the company for some months still. Mr. Morten Nærland, now CFO, is temporarily appointed CEO. Mr. Nærland has been employed by AKVA group for 9 years and has amongst others been manager of the company's operations in Chile for several years and CFO since January this year.

Should there be any questions please contact the Chairman of the Board Mr. Amund Skarholt (mobile: +47 97559425).

This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)

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