Royal Greenland CEO Mikael Thinghuus is stepping down from his role after 11 years at the helm of the company.

Thinghuus, who will leave the company later this year, took up the position at the turn of 2010/2011 at a time when Royal Greenland was in a deep crisis both financially and strategically.

Since then, the company has undergone a transformation - financially, commercially and strategically.

Over the period, large deficits have turned into solid profits and more than half of the activities Royal Greenland operated in 2011 have been divested.

The proceeds from the divestments were used to repay the DKK 500 million (€67.2 million/$76.7 million) the company received from its owner, the Greenlandic government, during the 2010 crisis, and to invest in brand new operations in Newfoundland and Labrador, Nova Scotia, Chile and Norway.

"The divestments and investments have formed the core of the strategic vision outlined in The North Atlantic Champion, which has been the lodestar for Royal Greenland for almost 10 years," the company said.

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This has been supported over the period by significant investments in markets in Asia and, more recently, North America.

"At the entrance of 2022, Royal Greenland stands incredibly strong despite COVID-19, and most recently a cyber attack," said the company.

Thinghuus, who will turn 60 in June, concluded that it is both in his own and Royal Greenland’s best interests to find fresh talent for his position.

"My time at Royal Greenland is one of the highlights of my life," Thinghuus said.

"I am proud of the work we have done and of what we have created. Today, Royal Greenland is a very robust company that knows where it is going - so I am very confident about the company's future."

The company has launched a search for a successor.

Royal Greenland is the world's largest supplier of coldwater shrimp and Greenland halibut.

In August, the group said it is bouncing back following a particularly difficult year in 2020 when it was “severely affected” by the COVID-19 pandemic and the ensuing lockdowns across the world.

For the first six months of 2021, the group posted a profit before tax of DKK 120 million (€16.1 million/$18.9 million), compared with a loss of DKK 31 million (€4.2 million/$4.9 million) in the corresponding period of 2020.

Earnings before interest, taxes, depreciation, and amortization (EBITDA) for the period also amounted to DKK 220 million (€29.6 million/$34.7 million) compared with DKK 68 million (€9.1 million/$10.7 million) in 2020, as several of the group’s markets bounced back.