Atlantic Sapphire, a Norway-based salmon farming business, has appointed Pedro Courard as the new chief executive, succeeding founder Johan Andreassen. Courard, who has over 25 years of experience in the salmon industry in Chile, will assume the role on 1 August, following Andreassen’s announcement of stepping down six months prior.
Andreassen expressed confidence in Courard, stating, “Pedro has a strong operational track record from the Chilean salmon industry and I am convinced that he will be a good match to lead the Miami operations and take the company to operational excellence in Phase 1 and beyond.” He will continue as CEO until Courard relocates to Florida and will support the transition period.
Courard shared his excitement about leading the largest land-based salmon production project globally, emphasizing the potential of land-based salmon farming to disrupt the aquaculture industry and address key challenges in global protein production.
Founded in 2010, Atlantic Sapphire has 158 employees and around $342.3m in total assets. The majority of its revenue comes from the US, where it operates a land-based Atlantic salmon farm in Miami, Florida. Despite facing challenges in 2023, including maintenance work and temperature issues, the board remains optimistic about improved performance in 2024, fueled by operational stability and enhanced water quality.
In 2023, Atlantic Sapphire recorded $14m in revenue, down from $19m in 2022, with an operating loss of $126m compared to $62m the previous year. The group’s adjusted EBITDA stood at a decline of $63m in 2023, showing improvement compared to $73m in the previous year.
Transitioning to the future, Atlantic Sapphire’s strategic position in the US market remains strong, with a unique location enabling unmatched scale and sustainable growth. Through leadership changes and operational advancements, the company aims to navigate industry trends and consumer demands effectively, positioning itself for success in the food and beverage sector.
