Norcod announces its CFO resignation

Arne Kristian Hoset had been at the helm of finance at the Norwegian cod-farming company for a year.
After just over a year in the position, Arne Kristian Hoset will leave his position as CFO at Norcod at the end of June.

After just over a year in the position, Arne Kristian Hoset will leave his position as CFO at Norcod at the end of June.

Photo: Arne Kristian Hoset / Norcod.

Although to ensure a smooth and efficient transition for Norcod he will remain in his current position until the end of June, Arne Kristian Hoset has decided to step down as CFO of the Norwegian farmed cod producer. The company reported his resignation in a statement sent to the Euronext Growth market in Oslo.

Norcod's CFO had been with the company for barely a year, as his appointment was announced in January 2023, but he joined in March. At the time, the cod producer noted that Hoset was bringing a wealth of financial management experience to the position, including seven years in various roles at EY and more than six years at international listed companies Q-Free and Toyota.

Now, in reporting his resignation, Norcod has said he will take on a new position in a new company and also in a new industry. Furthermore, in the release, the cod farmer thanked the outgoing CFO for "his dedicated service" and also stated that is "very pleased with the job Mr. Hoset has done."

Indeed, with Arne Kristian Hoset leading its finances, Norcod has achieved great results. Q4 2023 data, for example, reported a 61% increase in revenue during Q4 2023 and a 58% increase in earnings for the full year. The Norwegian cod producer's strong performance is not limited to the past year, though. 

So far in 2024 alone, Norcod has obtained a permanent permit to expand the harvesting capacity of its subsidiary Kråkøy, signed a new contract with a leading Chinese distribution company, completed a NOK 170 million (EUR 14.65 million - USD 15.87 million) private placement to continue its expansion plans - which before the launch had already secured minimums-, and, following that success, it is launching a subsequent offering aimed at shareholders who were unable to participate in the previous one.

These important milestones, all pose a challenging prospect for whoever becomes Hoset's replacement. The company said it has already started a process to recruit the new CFO so that, as mentioned above, the substitute can ensure "a smooth and efficient transition for Norcod" from Hoset's hand before he leaves at the end of June.

About Norcod

Norcod AS is a Norwegian company focused on commercial cod farming, although it is involved in the entire value chain through ownership and partnerships. Its fish farms are located in central Norway, an area with ideal conditions for cod yields. With an emphasis on sustainability, the company contributes to value creation in the blue ocean with minimal impact on the environment while supporting local communities. Norcod is listed on the Euronext Growth market in Oslo.

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