The Board of Directors of First Water and the company's Chief Executive Officer, Eggert Þór Kristófersson, have mutually agreed that Eggert Þór will step down as CEO.
Over the past four years, Eggert Þór has led one of Iceland's most ambitious land-based aquaculture developments. During his tenure, First Water established its operations in Þorlákshöfn, secured financing for the first phase of its development, and achieved major milestones in the production and commercialization of premium land-based farmed salmon.
Last year, the company reached a significant milestone by successfully producing and marketing land-based 5 kg gutted premium-quality salmon, becoming one of the first landbased companies globally to achieve this. First Water has also established strong commercial relationships and built a high-quality customer base in Europe and North America.
"Leading First Water over the past four years has been both demanding and immensely rewarding. In a remarkably short period, we have built a world-class operation and developed a premium land-based salmon product that has been exceptionally well received in international markets. Construction of the first phase is now entering its final stage, and First Water currently has an annual production capacity of 5,000 tonnes of gutted premium salmon. Upon completion of the first phase, that capacity will double to 10,000 tonnes. With First Water entering its next phase of development, I feel this is the appropriate time to hand over the reins. I would like to thank the entire First Water team for their dedication and outstanding contribution. The expertise, commitment and professionalism they have built together are the foundation of the company's success," said Eggert Þór Kristófersson.
Orri Hauksson, Chairman of the Board of First Water, said Eggert Þór leaves the company well positioned for its next stage of growth.
"On behalf of the Board, I would like to thank Eggert Þór for his leadership during this pivotal stage of First Water's development. Under his leadership, the company has established a robust and reliable production platform, developed a premium product that is in strong demand in international markets, and secured financing for the completion of the first phase of our project in Þorlákshöfn. He leaves behind a company with strong operational capabilities, an experienced team, and an excellent platform for continued growth."
The Board has appointed Einar Örn Ólafsson as new Chief Executive Officer of First Water. He brings decades of leadership experience in banking, corporate finance, aquaculture, and investments and will lead the company through its next phase of development.
Orri Hauksson added:
"I am delighted to welcome Einar Örn to First Water. He brings an broad range of executive experience across finance, investments and corporate leadership. He has also successfully led a salmon farming company and has a strong understanding of First Water's business. The Board is confident that he is the right leader to guide the company through its next phase of growth."
Einar Örn Ólafsson said:
"First Water has reached an important milestone and is entering an exciting new chapter. With the completion of the first phase next year, the company will be exceptionally well positioned, with double the production capacity, strong commercial partnerships and a premium product that is in demand in key export markets. As construction continues and production capacity expands, we expect a significant increase in export revenues, providing a strong foundation for the continued development of First Water's operations in Þorlákshöfn. I look forward to building on the strong foundation that has been established and leading the company through its next phase of growth."