Gunnar Aftret, CFO of Norwegian salmon producer Masoval, has resigned from his position, the company announced Friday.

Company CEO Helge Kvalvik said Aftret, during his four years as CFO, was instrumental in the company's growth and ensuring its successful private placement and listing on the Euronext Growth Oslo.

Earlier this week, Masoval reported a decrease in profits for the first quarter of 2023.

The family-controlled company reported an operating profit of NOK 36 million (€3 million/$3.3 million) for the quarter, compared to NOK 87 million (€7.3 million/$8 million) in the same period the previous year -- a 59 percent decrease.

Aftret blamed the drop in part on winter sores, an increasingly common problem in recent years. As a consequence of the sores, a number of fish were downgraded, according to the company.

Masoval is among Norway's oldest salmon companies and is now run by the third generation of Masovals, brothers Lars and Anders.

The company is projecting a harvest volume of 8,200 metric tons in the second quarter of 2023, and a total volume of 24,300 tons for 2023.

Masoval's earnings decline is in sharp contrast to other salmon farmers who have benefitted from high salmon prices.

Aftret is expected to remain in his current role until as late as Nov. 30.