By Dean Seal
AquaBounty Technologies is cutting jobs and losing most of its C-suite as it winds down hatchery operations at its Prince Edward Island facility.
The company, which had its first commercial-scale harvest of genetically engineered Atlantic salmon in 2021, said Wednesday that it will cease operations at its only remaining farm and cull all remaining fish.
Substantially all of the company's personnel will be let go over the next several weeks, according to Chief Financial Officer David Frank.
Frank has been appointed interim chief executive following the voluntary resignation of Dave Melbourne from the role of CEO. The positions of Chief Operating Officer Alejandro Rojas and Chief People Officer Melissa Daley have been eliminated.
AquaBounty plans to work with its investment banker over the next few months to review alternatives for its Ohio farm project, Frank said. The company is also looking to offload available assets so that it can generate cash.
"We will keep all stakeholders apprised of our progress," Frank said.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
December 11, 2024 08:45 ET (13:45 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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