SalMar CFO quits after five months in post

Gunnar Nielsen has resigned as Chief Financial Officer (CFO) of SalMar after just a few months in the job.

The former Bakkafrost CFO (pictured) is returning to the Faroe Islands as Director of the local energy company Effo.

Effo’s core business centres on fuel and lubricants supply. With the majority of the tank storage on the islands, it is the leading supplier of fuel and lubricants to the marine market.  It is a major supplier to the Faroese fishing fleet including inshore and distant water trawlers.

Nielsen joined SalMar in April when the group was embroiled in a gigantic takeover battle involving the NTS group and Norway Royal Salmon.

The reasons for his departure have not been given, but SalMar said in a statement that it regretted his decision and would immediately start searching for a replacement.

CEO Linda Litlekalsøy Aase said: “SalMar would like to thank Nielsen for his efforts and valuable contributions as part of the group management during the period he has been employed.”

Nielsen holds a Master of Science in Business Economics and Auditing from Copenhagen Business School.

He spent five years at Bakkafrost between 2014 and 2019, a period when the company grew in strength.

In 2015 he successfully helped to secure an 850 million Danish kroner (£105m) loan with Nordea Bank as working capital and to help Bakkafrost’s financial position and fund further growth.