Ignacio Gonzalez currently is the CEO of sausage and meat product company Campofrio. (Photo: Ignacio Gonzalez Twitter)

Campofrio’s CEO to take over as Nueva Pescanova’s executive leader

SPAIN
Tuesday, January 05, 2016, 23:50 (GMT + 9)

The bank controlling Nueva Pescanova has selected the current CEO of Campofrio for southern Europe and the United States, Ignacio Gonzalez, to take over as the company’s CEO, financial sources reported.

The executive, who has extensive experience in the distribution sector, would be officially named this week to take charge of the multinational fishing firm, whose board is chaired by the current sole director, Jacobo Gonzalez Robatto, from Banco Popular.

Ignacio Gonzalez will be responsible for implementing the viability plan designed by PwC for Nueva Pescanova, which provides for a possible increase in sales by entering new markets, improving the potential of vannamei shrimp or Pescafina normalization, which is its principal trader, ABC informed.

Nueva Pescanova was born two years after the debacle of the Galician multinational group. In the first nine months of its fiscal year, it obtained a net income attributable of EUR 560 million and its revenue reached EUR 771.3 million.

Operating income before depreciation and amortization, impairment and other not strictly operating results (EBITDA) was EUR 37.2 million. This financial indicator was below the previous year's result, which was partly attributed to the negative exchange rate impact.

If the minimum projections of the viability plan are met, Nueva Pescanova revenues should grow by 3.5 per cent during the first ten years and the company’s EBITDA should reach EUR 100 million in 2016, and EUR 117 million next year.

Related articles:

- Banks assume effective control of Nueva Pescanova
- Banco Popular director proposed as Nueva Pescanova manager
- Pescanova’s shareholders retain 20pc share

[email protected]
www.seafood.media

Print