Today, Clearwater announced plans to position the company for accelerated growth and profitability both organically and through future acquisitions.
Over the past four years Clearwater has enjoyed strong momentum and sustained growth within its core business. As it approaches the midpoint of its current five-year strategic plan, Clearwater believes that now is the right time to build organization capacity to support our increased scale as well the next phase of revenue and profitability growth.
Focusing on Global Markets and an Expanding Global Supply Chain
Clearwater sees significant growth opportunities within a rapidly evolving global seafood industry. In order to take advantage of these opportunities Clearwater is organizing its leadership team into two key areas of focus:
Global Supply Chain - optimizing the execution and return on assets across the entire supply chain -from "ocean to customer" including, all vessel operations and land-based processing and distribution facilities.
Clearwater will recruit for a Global Supply Chain leader with deep international experience and with the knowledge and skills to lead and develop a truly world class global supply chain operation.
Global Markets - Further enhancing our global competitiveness and customer focus as well as speed to market for innovation.
Greg Morency, Executive Vice President and Chief Commercial Officer will assume the newly created role of President and Chief Commercial Officer. In the three years since joining Clearwater from the fortune 500 consumer packaged goods industry, Greg has been instrumental in executing our growth agenda and delivering extraordinary results in the marketplace. This new role will expand his overall leadership of Clearwater's go-to-market strategy and execution.
Ian Smith, Chief Executive Officer of Clearwater Seafoods Incorporated, commented, "These changes to the organization of our leadership team are consistent with industry best practice and will increase our capacity and competency to grow in new and existing ways, manage complexity as well as ensure we are effective and competitive in everything we do on land and at sea."
In addition to these changes, Eric Roe, Chief Operating Officer has decided to leave Clearwater effective April 30, 2014.
Ian Smith commented, "I have had the pleasure of working with Eric the past four years. Clearwater has had the good fortune to have benefited from his contributions over the past 26 years." Mr.Smith continued, "Eric leaves the company with a legacy of accomplishment, especially in resource management, food safety and production and although Eric will be missed, his contribution to the company will be felt for years to come".
Outlook
Global demand for seafood is outpacing supply, creating favorable market dynamics for vertically integrated producers such as Clearwater which have strong resource access.
Demand has been driven by growing worldwide population, shifting consumer tastes towards healthier diets, and rising purchasing power of middle class consumers in emerging economies.
The supply of wild seafood is limited and is expected to continue to lag behind the growing global demand. This supply-demand imbalance has created a market place in which purchasers of seafood are increasingly willing to pay a premium to suppliers that can provide consistent quality and food safety, wide diversity and reliable delivery of premium, wild, sustainably harvested seafood.
Clearwater, like other vertically integrated seafood companies, is well positioned to take advantage of this opportunity because of its licenses, premium product quality, diversity of species, global sales footprint, and year-round harvest and delivery capability.
