Gigante Salmon AS

Board/Management Information • Apr 23, 2024

Gigante Salmon AS: New CEO and Chairperson - Changes in management and the board of directors

Gigante Salmon AS: New CEO and Chairperson - Changes in management and the board of directors

Bodø, Norway, 23 April 2024

The board of directors of Gigante Salmon AS (the "Company") has today resolved to appoint Kjell Lorentsen as CEO of Gigante Salmon AS. Lorentsen was appointed as acting CEO on 19 March 2024, and is now transitioning into the role on a permanent basis.

Kjell Lorentsen was CEO in the Company from its establishment until September 2021 and has been a member of the Company's non-executive board. He has through his role as CEO and acting CEO convinced the board of directors that he has the experience, the decisiveness, the vision and the ambition to drive the further development of the Company.

"It is with great enthusiasm, I embrace the position of Chief Executive Officer at Gigante Salmon AS. Following 2.5 years of dedicated construction, it's truly rewarding to witness the success of our efforts, evidenced by the thriving fish in our facility. I look forward to developing the company into a commercially robust participant in the future of land-based aquaculture industry," says Kjell Lorentsen.

In addition, the Company's nomination committee announces today its recommendation for composition of the Company's board of directors. Liv Monica Stubholt is recommended as new chairperson of the board, succeeding Eirik Sørgård, who will step down from the board as he transitions into retirement. Kristian Lorentsen, Dagfinn Eliassen and Iselin Tenfjord are proposed as new board members and Kristin Ingebrigtsen retires from the board.

The composition of the board of directors has been evaluated comprehensively based on competence and experience. Liv Monica Stubholt will, with her experience from the seafood industry, politics and law, strengthen the board with valuable insights. Iselin Tenfjord brings strong expertise in finance, while Dagfinn Eliassen brings operational experience and insights from the aquaculture industry. Kristian Lorentsen brings solid competence in management and auditing.

Liv Monica Stubholt has been a member of the non-executive board of directors in the Company since 2022 and the nomination committee expresses strong confidence in her qualifications to assume the position of chairperson. With Liv Monica Stubholt as chairperson, not only is the professional competence required to lead the board's work in listed company ensured, but also continuity in the board's work.

"I am committed to developing a commercially strong and sustainable land-based aquaculture industry in Norway. Gigante Salmon has a role to play in leveraging both the seafood industry competencies and capacity already in place in Norway and the north. In connection with my proposed appointment as the new chairperson of the board, I am particularly pleased that Kjell Lorentsen has agreed to join as CEO on a permanent basis. I look forward to working together with an experienced and energetic entrepreneur and leader," says Liv Monica Stubholt.

Based on this, the Company has assembled a management team and a board of directors with drive and competence to further advance the Company towards becoming a competitive and commercially strong participant. Liv Monica Stubholt, Iselin Tenfjord and Kristian Lorentsen will attend in person when the Company presents its Q1 figures at the Seafood Expo Global in Barcelona, stand 5G501, on Tuesday, 23 April at 13:00.

The Company would at the same time like to take the opportunity to extends its appreciation to Helge E. W. Albertsen for his work as CEO. The Company expresses gratitude for his contributions. Albertsen will continue to serve as an advisor to the Company until 30 June 2024 to ensure a smooth transition.

The Company further expresses its gratitude for the contribution to the Company made by the outgoing board member Kristin Ingebrigtsen and particularly to Eirik Sørgård, who has served as chairperson from 2021. Eirik Sørgård's leadership, dedication, and guidance have been instrumental in navigating the Company through challenges and opportunities. His vision, experience, and commitment have left a lasting impact and set a standard for future initiatives. The Company expresses gratitude for his contributions and wishes him continued success in his future endeavours.

The election to Gigante Salmon's board of directors will take place at the Company's annual general meeting on 15 May 2024. The nomination committee's recommendation will be sent out along with the notice of the general meeting.

Information about the CEO and the proposed board members:

Kjell Lorentsen has been involved in aquaculture since 1988 and is the founder of the profitable aquaculture group Gigante Havbruk AS. Gigante Havbruk AS is family-owned and has direct or indirect ownership across all stage of salmon production. The group has an annual production of approximately 14,000 tons of salmon, it holds ownership interests in the Salten Aqua group, and through its subsidiaries Gildeskål Forskningsstasjon AS and LetSea AS, it is the world's largest private provider of R&D services in salmon aquaculture.

Liv Monica Stubholt has a long track record from the seafood industry including as former CEO and President of Aker Seafoods ASA. She is a partner at law firm Advokatfirmaet Selmer AS, where she heads the ESG and Compliance team. Stubholt primarily works in the seafood and energy transition industries. She holds several Norwegian and international non-executive board positions. She has served on the non-executive board of other aquaculture industry companies including Biomega Group AS (ingredients) and Aquaship AS (well boats).

Stubholt served in politics as deputy minister of Foreign Affairs from 2005 to 2007 and in the Ministry of Petroleum and Energy from 2007 to 2009, focusing on northern policies and support to Norwegian business and exports. Stubholt is strongly committed to developing the legal dimension of sustainability. She was instrumental in developing Arctic Economic Council and she has served on the international board of the World Ocean Council. This has provided her with expertise in geopolitics, business development in the north, the EEA agreement and Norway's cooperation with the EU.

Iselin Tenfjord has extensive experience in finance, mergers, and acquisitions. She is the director of the M&A department at Norsk Hydro ASA and has previously led the strategy and M&A department at Storebrand ASA. Tenfjord has a background in investment banking at Pareto Securities and holds a master's degree in finance from the Norwegian School of Economics (NHH). Her appointment to the board of Gigante Salmon AS is motivated by the need to strengthen the Company's financial expertise, improve investor relations, and ensure effective management of the Company's listing.

Kristian Lorentsen brings broad experience, including his role as CEO of Gigante Havbruk AS, where he oversees subsidiaries in the group. He has also served as deputy CFO of Gigante Salmon AS and held several board positions in various companies. Lorentsen is currently a member of the Company's nomination committee but will resign from this role if he is elected to join the board. With a background in auditing at EY and executive management education from NHH, Lorentsen contributes with a solid financial and strategic expertise to the board of Gigante Salmon AS.

Dagfinn Eliassen began his career as an area manager in Finnmark for the cages of the former Follalaks AS, later acquired by Cermaq AS. Over time, he advanced to the role of regional and production manager for Cermaq AS in the North, responsible for three slaughterhouses and 15 facilities. He also has experience from Norsk Fisketransport AS (NTS), where he served as marketing manager and later as deputy CEO. He has also held several board positions, including at Norway Royal Salmon ASA (NRS). Today, he holds the position of marketing manager at the equipment supplier SkaMik AS. Eliassen's appointment to the board of Gigante Salmon AS is particularly justified by his extensive experience and expertise within aquaculture.

For further information, please contact:

Kjell Lorentsen, CEO

Phone: +47 911 22 688

E-mail: kjell@gigante.no

Rune Johansen, CFO

Phone: +47 988 44 724

E-mail: rune@gigantesalmon.no

Gigante Salmon:

Gigante Salmon is a land-based salmon farming company with its first production facility under construction on Lille Indre Rosøy in Rødøy, Norway. The Company’s aquaculture concept is based on a flow-through system, combining the benefits of conventional and land-based aquaculture while simultaneously eliminating issues associated with conventional, sea based, farming. Visit www.gigantesalmon.no for more information.