Roger Hofseth is stepping down from his position as CEO of Norwegian biotechnology firm Hofseth BioCare (HBC), handing over the reins to Jon Olav Odegard, who is currently the company's chief financial officer.

Odegard will officially start as CEO on August 1.

Hofseth, however, will continue to serve as CEO of salmon processor Hofseth International and become a director of the board of Hofseth BioCare.

Hofseth International owns 16.5 percent of Hofseth Biocare,

Odegard joined Hofseth BioCare in 2013 and was previously a managing director in Sparebank 1 Finans.