Seafood titan Royal Greenland has officially terminated the contract of its CEO, Susanne Arfelt Rajamand.
In a statement released yesterday (10 February), Royal Greenland announced that its board of directors unanimously decided to “terminate its cooperation with the current CEO.”
Arfelt Rajamand has held the CEO position at Royal Greenland since February 2023.
“Over the past two years, Royal Greenland has faced challenges in several areas. At this time, the board has concluded that the company requires a CEO with a different profile; hence, we are initiating a recruitment process. We thank Susanne for her cooperation and contributions,” stated Maliina Abelsen, chair of the board.
In the interim, current board member Preben Sunke will step in as CEO until a successor is identified.
Sunke brings 30 years of experience from his roles as CFO and, more recently, COO at the meat group Danish Crown.
Royal Greenland has opted not to respond to inquiries regarding the reasons for Arfelt Rajamand’s termination and the desired profile for her successor.
In the first half of 2024, Royal Greenland reported a pre-tax loss of DKr59m ($8.1m), a noticeable improvement compared to a DKr113m loss in the same period last year. Revenue, however, increased from DKr2.55bn to DKr2.64bn.
“Despite this growth, the results remain unsatisfactory. We believe our action plans will positively impact performance in the latter half of the year,” the company stated with its financial results.
Royal Greenland’s net revenue reached DKr5.8bn in 2023 compared to DKr5.76bn in 2022 and DKr5.64bn in 2021.
The company reported a net loss of DKr211m in 2023, marking a significant shift from the net profits of DKr186m in 2022 and DKr257m in 2021.
