Cermaq Strengthens Its Global Management Team

The company appoints new CFO and COO and CTO.

They launch their Sustainability report for fiscal year 2024.

Following the integration of operations from Grieg Seafood in Finnmark and Canada, the international company Cermaq has made several changes to its global management to strengthen alignment, coordination, and innovation across the regions. The company has appointed Silvia Segnini as new Chief Financial Officer (CFO); Snorre Jonassen steps into the role as Chief Operating Officer (COO); and Bendik Fyhn Terjesen as Chief Technology Officer (CTO).

Integration remains a major task, particularly in Canada. Grant Cumming will lead this work as Canada Integration Director (ID).

Segnini joined Cermaq in 2007 and has contributed strongly across the business since then. Her expertise spans treasury, tax, accounting, insurance, M&A and post-merger integration, explained the company. Now, she has been appointed Chief Financial Officer (CFO). “Silvia knows this company inside and out, and she has played a significant role in building the finance function we have today,” says Steven Rafferty, CEO of Cermaq.

Best Practices and Support

The new position as Chief Operating Officer (COO) has been established, and Snorre Jonassen takes the role. He comes from the position as Integration Director in Cermaq Group and has held senior management positions in Cermaq Norway for many years. Like this, Cermaq is also strengthening its operational focus at Group level.

The company highlighted that the COO will facilitate best practice in operations across all regions and support the operating companies in executing the Group’s strategy and priorities. The role also oversees fish health and welfare, fish feed and communication.

Driving Technology Development Across All Areas

Technology innovation in land based, sea water, and sustainability will be brought together in one team, which also covers digitalization and AI. “The purpose is to drive technology development as a growth enabler across all operational areas,” says Rafferty.

As said, the team will be headed by Bendik Fyhn Terjesen as CTO. He will continue to report to the CEO and not be part of the Global Management Team.

“These changes will strengthen the Group office as a resource center for the operating companies and make the Global Management Team more effective in pursuing our growth targets and strategy objectives,” stated Rafferty.

Sustainable Food Systems, as Important as Ever Before

On the other hand, Cermaq just released its Sustainability report for fiscal year 2024. The report summarizes that “the global focus has changed dramatically over the past year, and in many ways the world is less stable than before. At the same time, climate change and loss of biodiversity are happening at high speed. Hence, sustainable food systems are as important as ever before”.

According to the company, they’ve progressed in this context. For them, their performance was “great in many areas and lags our ambitions in other areas. We are happy to share our results in, for example, health and safety, GHG intensity from the feed, and special recognition for welfare practices for humane slaughter. And we are equally transparent in areas where we lag our ambitions, for example reduction in total GHG emissions”.

The report covers their salmon farming operations in Canada, Chile, and Norway, with consolidated data at group level. It also includes selected insights from their commercial offices.

In line with the CSRD regulations, Cermaq focus on opportunities in addition to risks. “There are truly many opportunities in salmon farming. Technology development in general and digitalization in particular represent exciting potential, novel ingredients in feed spanning from better use of resources to GMO and CRISPR technology are encouraging, and new ways of cooling and transportation of salmon may broaden market opportunities.”

They also point out that EU has decided to postpone the implementation of CSRD regulations, and our report is not compliant with CSRD. Hence, the entire report is not audited, but key performance indicators have limited assurance.