Soomra to take over as Oceana CEO

Oceana has appointed Imraan Soomra as its Chief Executive Officer, the company has said.

In a statement issued on Tuesday, the company said the decision would be effective August 1 2018.

Soomra has been acting as interim CEO since February this year, and has been Oceana's Chief Financial Officer since July 2013. He worked closely with the previous CEO, Francois Kuttel, in growing shareholder value, Oceana said.

"His appointment ensures a seamless transition and consistency in Oceana's strategic direction," the statement added.

Trevor Giles, a qualified chartered accountant with over 19 years of service at Oceana, has been appointed as interim CFO, also effective August 1 2018.

Kuttel – a US citizen – resigned in order to acquire a majority stake in Westbank Fishing, in which Oceana has a 25% stake. A US citizen was required to do so.

Westbank operates vessels that supply fish to Daybrook Fisheries processing plant. Oceana acquired Daybrook in July 2015.

Oceana [JSE: OCE] shares were trading at R73.66 per share at 10:49 on Tuesday morning, down 2.78%.

* Sign up to Fin24's top news in your inbox: SUBSCRIBE TO FIN24 NEWSLETTER
ZAR/USD
16.76
(+0.14)
ZAR/GBP
21.02
(+0.40)
ZAR/EUR
19.11
(-0.15)
ZAR/AUD
11.68
(-0.08)
ZAR/JPY
0.16
(+0.31)
Gold
1807.74
(+0.31)
Silver
19.16
(+0.36)
Platinum
825.00
(-0.24)
Brent Crude
42.17
(-1.20)
Palladium
1950.00
(-0.51)
All Share
55541.28
(-1.17)
Top 40
51241.05
(-1.22)
Financial 15
10551.64
(-1.42)
Industrial 25
75413.44
(-1.95)
Resource 10
53291.59
(-0.07)
All JSE data delayed by at least 15 minutes morningstar logo
Company Snapshot
Voting Booth
Please select an option Oops! Something went wrong, please try again later.
Results
I'm not really directly affected
18% - 2060 votes
I am taking a hit, but should be able to recover in the next year
23% - 2669 votes
My finances have been devastated
35% - 4017 votes
It's still too early to know what the full effect will be
25% - 2881 votes
Vote