New Zealand King Salmon (NZKS) CEO Grant Rosewarne has resigned, the company said in an announcement Tuesday.
The company did not provide a reason for the sudden departure, but NZKS has been struggling with climate-change related issues that have led to lower production and layoffs at the company.
In the interim Graeme Tregidga, the company's general manager of sales, will be the acting chief executive.
“Grant has made a significant contribution to New Zealand King Salmon, including leading the company through its IPO and the creation of the Ora King brand. He has also guided the company through a number of recent challenges, including the COVID-19 pandemic,” New Zealand King Salmon Chair John Ryder said.
Rosewarne, who has been with the company since 2009, has weathered significant climate-change-related challenges this year that in May caused the New Zealand King Salmon to lay off 139 people.
In September, the company posted another set of “disappointing” financial results for the first half of the year, as it continues to face multiple challenges.
Sea farm mortalities, lower harvests and a decline in biomass at sea were the main problems weighing on New Zealand's largest salmon farmer during the six-month period ending July 31.
In connection with Rosewarne’s resignation, the company agreed to grant him a Put Option in connection with a long-term incentive plan for the purpose of repaying a loan owed by Rosewarne to the company in relation to the acquisition of certain shares held by a family trust, the company said.
A lack of space
New Zealand King Salmon has traditionally farmed salmon all year round in the Pelorus and Queen Charlotte Sounds, as well as Tory Channel, in the Marlborough Sounds.
But in recent years the company has been looking to offshore opportunities, finding more mortalities at its traditional farming sites and unusually early elevated seawater temperatures in recent years.
Since 2019 the company has tried to get an offshore farming operation called Blue Endeavor off of the ground, with plans to grow 4,000 metric tons of king salmon, about twice the output of its largest existing coastal farm.
“Furthermore, Grant has led a significant effort to obtain new waterspace to enable future growth and we are expecting to hear an outcome from our Blue Endeavour application at the end of November," Ryder said, following his departure.
The company has also been working through its salmon farm relocation process with indigenous Iwi communities and the government.
“Following the recent rights issue and the changes to our farming model, Grant leaves New Zealand King Salmon well positioned for the future,” Ryder said.
