Japanese seafood giant Nissui Group has appointed Teru Tanaka as its president, and CEO.
Tanaka, who will take the helm in May, has been with Nissui since 1988 and most recently has worked as the director and executive officer of its Marine Products division.
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He will succeed Shingo Hamada, who will become chairman of the board of directors at Nissui.
In a statement, Nissui said the company is “strengthening” its management structure and executing “organisational rejuvenation” to enable the “swift implementation” of its new “mid-term business plan”, which starts during the company’s next financial year.
“By enhancing collaboration across business divisions and within the group, we aim to drive sustainable growth and increase corporate value”, the company statement added.
For the nine months ending 31 December 2024, Nissui Group reported a 6.1% increase in net sales to Y663.34bn ($4.4bn), driven by a “strong” performance in the company’s food products business and favourable exchange rates.
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By GlobalDataHowever, operating profit declined by 5.7% to Y24.8bn amid lower profits from the Marine Products division.
Profit attributable to the owners of the parent fell 3.5% to Y19.58bn.
The company plans to release its financial results for fiscal year 2024 on 14 May.
Nissui has forecast a 5.8% year-on-year increase in net sales, with operating profit anticipated to rise by 9.6%. It forecasts its profit attributable to the owners of the parent will grow 0.6%.
In October, the group bought a plant in France to meet the demand for tapas-style products.
Nissui plans to use the facility, acquired through local subsidiary Miti, at Saint-Hernin in Brittany to manufacture tapas, or small-dish, seafood products.
In February 2024, Nissui announced plans to invest in expanding production capacity at two of its US and EU subsidiaries.
The group will invest a total of Y17m ($113,122) into the Massachusetts-based Gorton’s Co. and Cité Marine, in Kervignac, France, a statement indicates.
