"I look forward to building on the strong foundation that has been established," said First Water's new CEO.
Photo: First Water.
Icelandic aquaculture company First Water announced this week that its Board of Directors has appointed Einar Örn Ólafsson as its new Chief Executive Officer (CEO) to lead the company into its next stage of development.
With the construction of Phase 1 of its land-based salmon farming facility at Laxabraut in Þorlákshöfn, southwest Iceland, now entering its final stage—after raising ISK 11 billion (approximately EUR 76.6M / USD 89.9m) in financing last April—First Water currently has an annual production capacity of 5,000 tons of premium gutted salmon, which, once this first phase is completed, will become 10,000 tons.
At the helm of the process of establishing operations in Þorlákshöfn, securing Phase 1 funding, and achieving significant milestones in the production and commercialization of premium land-based farmed salmon from Iceland for the past four years—he was appointed in August 2022—has been the outgoing CEO, Eggert Þór Kristófersson, who, according to First Water's release, has mutually agreed with the Board of Directors that he will step down.
"Leading First Water over the past four years has been both demanding and immensely rewarding. In a remarkably short period, we have built a world-class operation and developed a premium land-based salmon product that has been exceptionally well received in international markets," said Eggert Þór Kristófersson.
"With First Water entering its next phase of development, I feel this is the appropriate time to hand over the reins. I would like to thank the entire First Water team for their dedication and outstanding contribution. The expertise, commitment and professionalism they have built together are the foundation of the company's success," the outgoing CEO added.
In its release announcing the replacement at the helm of First Water, the Icelandic aquaculture company highlighted that, last year, it reached a significant milestone by successfully producing and marketing land-based 5 kg gutted premium-quality salmon, becoming one of the first land-based companies globally to achieve this.
Likewise, First Water also emphasized the strong business relationships and high-quality customer base it has established in Europe and North America over the years.
Orri Hauksson, Chairman of the Board of First Water, credited all these achievements to Eggert Þór Kristófersson, noting that he leaves the company in a very strong position to face its next stage of growth.
"On behalf of the Board, I would like to thank Eggert Þór for his leadership during this pivotal stage of First Water's development. Under his leadership, the company has established a robust and reliable production platform, developed a premium product that is in strong demand in international markets, and secured financing for the completion of the first phase of our project in Þorlákshöfn. He leaves behind a company with strong operational capabilities, an experienced team, and an excellent platform for continued growth," Hauksson stated.
As mentioned above, Kristófersson's replacement at the helm of First Water will be Einar Örn Ólafsson. In announcing his appointment, the Icelandic land-based salmon farming company stated that its new CEO will lead it through its next phase of development, adding that he brings decades of management experience in banking, corporate finance, investments, and aquaculture.
"I am delighted to welcome Einar Örn to First Water. He brings a broad range of executive experience across finance, investments and corporate leadership. He has also successfully led a salmon farming company and has a strong understanding of First Water's business. The Board is confident that he is the right leader to guide the company through its next phase of growth," First Water Chairman Orri Hauksson said, commenting on the appointment.
Although neither First Water's announcement nor its Chairman revealed the name of the salmon farming company that Ólafsson led, according to information published in various aeronautical media when he took over the management of the airline PLAY in March 2024, it is the Icelandic company Fjarðarlax, which merged with Arnarlax in 2016.
Now, commenting on his new role, again at the helm of an aquaculture company, Einar Örn Ólafsson highlighted the milestones achieved by his predecessor, on which he will continue to build.
"First Water has reached an important milestone and is entering an exciting new chapter," he said. "With the completion of the first phase next year, the company will be exceptionally well positioned, with double the production capacity, strong commercial partnerships and a premium product that is in demand in key export markets."
"As construction continues and production capacity expands, we expect a significant increase in export revenues, providing a strong foundation for the continued development of First Water's operations in Þorlákshöfn. I look forward to building on the strong foundation that has been established and leading the company through its next phase of growth," Ólafsson concluded.