Norcod expands management team
Finance chief’s move to chief operating officer is a natural progression, says fish farmer
Norwegian cod farmer Norcod has appointed chief financial officer Kia Zadegan as chief operating officer with immediate effect as it expands its management team, the company said today.
He will continue to work as CFO until a new person is recruited for that role.
The announcement comes the day after Norcod said it had entered into a NOK 75 million overdraft facility with Norway’s largest bank DNB, securing the financing of Norcod operations for the upcoming 12 months.
Commenting on Zadefan’s move to COO, chief executive Christian Riber said: “Norcod is still on a significant growth path with a lot of exciting projects taking place at the moment and also ahead of us. That is why we need to expand the management team as our ambitions remains very high.
“Kia has been at Norcod for 18 months and has done a tremendous job. However, much of the work he has done has been within areas you normally connect to the COO position, and therefore it is natural to both Kia and us that he will take up this position instead. It suits him, and not least the company, perfectly.”
Belief in the company
Norcod said the new overdraft facility was a significant further step towards fulfilling the ambition of being the first company to raise premium Atlantic cod sustainably and commercially.
It added that DNB’s willingness to enter the credit facility confirmed the huge forward potential of Norcod.
“This is a very important loan facility to us. Naturally because of the financing itself, but it is equally important that DNB, as a major financial institution, really shows that they believe in a great future for Norcod,” said Riber. “Our focus is now to develop our company according to the plans we have set out for our customers and our investors.”
Norcod produces cod on five different sites in Norwegian fjords and anticipates stocking 6 million cod fry at four sites next year.