Madrid Stock Exchange. (Photo: VSF - CC BY-SA 3.0)

Going public is 'off plan' for Nueva Pescanova

With the appointment of its President and CEO, Nueva Pescanova has completed the formation of its board of directors.

"We have taken the first step toward corporate normality", said the new president of the company, Jacobo Gonzalez-Robatto, after completion of the general meeting of shareholders held on Thursday in Redondela (Pontevedra).

Since September last year, the banks control 80 per cent stake in the new company, while the "old" Pescanova has a 20 per cent stake.

At the meeting held at the headquarters of the company, the appointment of the board of directors was made official, which is composed of 12 members; and the CEO, Ignacio Gonzalez, was elected.

The new board will work with three committees: The commercial one, directed by Fernando Valdes, a former director of Campofrio and Caprabo; financial department, headed by Jose Luis Sainz de Miera and that will also be integrated by Mariano Riestra and Ricardo Iglesias Baciana; and corporate area, which will include the former Minister Elena Salgado, Miguel Ruiz-Gallardon and Antonio Couceiro, Expansion reported.

Gonzalez-Robatto highlighted the growth potential of Nueva Pescanova and the vertical integration of the company, "the only one with these conditions among the top twenty in the world", as well as changes in consumer habits towards healthier products such as fisheries and more value added ones.

"I am aware of the mammoth task, but we have a recognized and beloved brand," he stressed, admitting that the work "will not be easy."

He also announced that the company will review its business plan "for 2015 as it has not been fulfilled", and ruled out incorporating an industrial partner at least in the "next two to three years."

In addition, the president of Nueva Pescanova stated that the company would not go public again within three or four years, contrary to the claim of the shareholders of the 'old' Pescanova, company that has its shares suspended from trading for two years.

Related articles:

- Pescanova earned EUR 82 million in its last financial year
- Nueva Pescanova plans capital increase of up to EUR 1 billion
- Campofrio’s CEO to take over as Nueva Pescanova’s executive leader
- Banks assume effective control of Nueva Pescanova

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