NZ King Salmon CEO resigns

NZ King Salmon is pinning its hopes on its new Blue Endeavour project planned for Cook Strait. Photo / Supplied

New Zealand King Salmon says its chief executive Grant Rosewarne has resigned, effective immediately.

The board will now commence an international search for Rosewarne’s replacement.

In the interim, general manager of sales Graeme Tregidga will be acting chief executive, the company said.

Rosewarne joined NZ King Salmon as CEO in 2009.

“Grant has made a significant contribution to NZ King Salmon, including leading the company through its IPO and the creation of the Ora King brand,” chairman John Ryder said.

Rosewarne also guided the company through several challenges, including the Covid-19 pandemic, the chairman added.

“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,” he said.

The Blue Endeavour project would see the establishment of a fish farm in Cook Strait.

Following the recent rights issue and the changes to its farming model, Rosewarne left New Zealand King Salmon well positioned for the future, Ryder said.

The company has agreed to grant Rosewarne a put option in connection with certain long-term incentive plans for the purpose of repaying a loan owed by him to the company in relation to the acquisition of shares held by a family trust.

In September, NZ King Salmon said fish deaths caused by warmer water drove the company to a $24.5 million loss in the first half to July 31.

The company expects an $8m to $12m pro forma ebitda loss in the current year.