04 November 2005

FPI's Rowe departs

Derrick Rowe announced today that he will be stepping down as chief executive officer of Fishery Products International (FPI), effective 31 December 2005.

Rowe's departure coincides with announced a net loss in the third quarter 2005 of CDN$5.1 million. This compares with a net profit of CDN $4.9 million for the same period of 2004. Check the news release, linked above, for a detailed discussion of FPI's announcement.

The announcements of both the third quarter loss and Rowe's departure are accompanied by news that FPI will undertake a further review of its so-called primary group operations to reduce costs and increase productivity. The primary group includes FPI's fish harvesting, processing and marketing operations.

The Ocean Cuisine International division matches seafound demand from customers in the foodservice, retail and industrial sectors with suppliers globally. In September, FPI purchased The Seafood Company, a United Kingdom importer, harvester and processor of shellfish and rebranded the company Ocean Cuisine Europe.

In October, FPI deferred a plan to create an income trust using Ocean Cuisine International, attributing the deferral to a review being undertaken by the Government of Canada of income trusts. The plan originated in 2003, however, ongoing discussions with the Williams administration over the subsequent 18 months delayed implementation of the income trust proposal.