AquaChile on Friday announced CEO Torben Petersen will step down from his role on May 4, and will be replaced by Agustín Ugalde Preuss, a spokeswoman confirmed to IntraFish.

Petersen took over the top role in 2014, when Alfonso Márquez de la Plata Cortes stepped down.

Petersen formerly had roles with Pesquera Iquique, Fjord Seafood Chile, Marine Harvest and Camanchaca.

The spokeswoman said Petersen would continue to work at Salmones Chaicas, an AquaChile company, and act as an advisor to the group.

AquaChile posted poor 2015 results, reporting losses of $99 million (€89 million).

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