Management changes at Mainstream
by
11/15/2006

Management changes at Mainstream

Anticipating continued global growth in salmion farming, the Mainstream Group has recently performed a review of its organizational structure, and decided to launch a project called "Focus on Core". As a priority, three structural changes have been implemented.

Cermaq Group CEO, Geir Isaksen says "These organizational changes are designed to ensure that we have absolute management focus on the key areas of the salmon farming business. We are determined to maintain our position among the very lowest cost, and most profitable producers in the industry."
 
The Mainstream Chile company will be divided into two business areas, one of them devoted to farming activities, the other dealing with slaughtering and processing requirements. Ricardo Klaassen will stay as the Managing Director of the farming company, a new managing director for the processing business will be appointed in the near future. Both will report to Francisco Ariztía, COO of Mainstream Group.
 
A new position of head of Mainstream farming operations in Europe has been created.  Tarald Sivertsen, previously production director of Mainstream Norway, will take over this role with immediate effect.  He will report to Francisco Ariztía, while the MD's of these companies will report to him.
 
Current Managing Director of Mainstream Norway, Per Martin Olsen, has chosen to resign from his position. The company has been very successful under his leadership, having enjoyed a leading position in the industry as an efficient producer of salmon. We would like to thank him for his contribution. We will look for a replacement, and in the meanwhile Tarald Sivertsen will act as Managing Director of Mainstream Norway.
 
It has been decided to create a common sales organization responsible for all the sales of Mainstream Group products. This division will be led by Ricardo Purcell, currently head of sales of our American products, and will have branches in our main markets including Europe.  Purcell will report to Francisco Ariztía, COO Mainstream Group.
 
Cermaq is an international group of companies with activities in fish farming, production of salmonid feed and research in aquaculture. Cermaq has operations in Norway, Chile, Canada and Scotland, the main geographic regions for salmon and trout farming.

Through its EWOS subsidiary, Cermaq ranks as the world's second largest fish feed producer. The Mainstream subsidiary is among the biggest farmers of salmon and trout in the world. The group had sales of NOK 5.4 billion in 2005, and employs some 3 700 people.
Cermaq is listed on the Oslo stock exchange with ticker code CEQ.