Chilean salmon farmer Invermar CEO Paul Weber has stepped down from his position, according to a release on the Santiago Stock Exchange dated Jan. 15.

From February 1, 2020, Cristian Fernandez Jeria will be taking his place. Jeria was previously CEO of an Armasur subsidiary, La Peninsula, which is a shipping company for salmon products.

The Santiago-listed company is currently worth $244 million (€220 million), according to IntraFish's latest valuation of publicly-listed salmon companies.

The salmon farmer had experienced a tough financial year in 2019, slipping into the red in the third quarter due to increased sales costs of the company's salmon and oyster segments.