According to a statement from the board of the Westmann Islands-based company, former CEO Aegir Pall Fridbertsson was dismissed because of his losing performance, as well as the deals with the Icelandic banks.
The board said it regrets the dismissal but called it unavoidable in light of the seriousness of the matter.
Isfelag Vestmannaeyja operates five pelagic vessels and one groundfish trawler. It has two new 71 meter pelagic vessels on order due for delivery from Chile in 2010 and 2011.
It operates a freezing plant and a fishmeal production facility in the Westmann Islands, and has both frozen and fishmeal production at Thorshofn in northeast Iceland.
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