Michael De Caro, who was brought on in June 2021 as the new vice president of retail sales and product development at Alaska seafood processor Peter Pan Seafood, told IntraFish on Friday he has resigned from his role at the company.

De Caro is now the managing director of Pandion Seafood, a Washington state-based company he founded. The company supplies an array of seafood items.

The departure is another in string of recent exits at Peter Pan, which has been struggling financially in the wake of a challenges throughout the Alaska processing sector brought on by high inventories, low prices and slack consumer demand.

Earlier this month, Matt Frazier left his role as regional sales manager at Peter Pan to join Bumble Bee Foods subsidiary Anova Food as its new director of sales.

In January, after little more than a year on the job, Kevin Bixler stepped down as CEO of Peter Pan. Bixler has since been hired by Alaska processing rival Silver Bay Seafoods as the company's new chief revenue and business development officer, a job that includes overseeing the sales and logistics team.

Peter Pan is in the process of selling its plant in Valdez, Alaska, to Silver Bay, although neither company has released an update on that potential deal, which was first announced in November.

The company recently hired a financial services company to explore refinancing or joint venture options for the company.

"Peter Pan has hired Hilco Global to explore all options for Peter Pan, the fleet and communities during these difficult time," company co-owner Rodger May told IntraFish.

Peter Pan temporarily closed its plant in King Cove, Alaska, for the winter season but expects to open for this summer's salmon season.

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