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Umami Appoints Attorney As CEO And Board Director

 


Umami Sustainable Seafood Inc has appointed Timothy Fitzpatrick to serve as Chief Executive Officer of the Company with immediate effect. In connection with his appointment as CEO, Mr. Fitzpatrick will step down from his position as Chief Financial Officer of the Company.

The U.S based company fishes for and farms bluefin tuna to supply to the Japanese sushi and sashimi market, and has seen to be struggling considerably in recent months. It was reported in May this year that there were concerns as to whether Umami could stay in business. Later that month Umami stated that it did not have the sufficient projected cash flow to fund its operations for the next 12 months.
Umami’s diminishing financial worth has created loss for shareholders, and earlier this year, Japanese tuna trader, Daito Gyorui reported an extraordinary loss due to its shares in Umami becoming worthless.
The company’s Board of Directors also appointed Mr. Fitzpatrick to serve as a director of the Board.
Mr. Fitzpatrick, 46 served as the Company’s Chief Financial Officer since January 2012. He was general counsel of Mindray Medical International Ltd, a medical advice company from 2006 to 2011. Prior to joining Mindray, Mr. Fitzpatrick worked as an attorney in the United States and Hong Kong.
It was reported that the terms of Mr. Fitzpatrick’s employment agreement which he entered into in connection with his appointment as Chief Financial Officer of the company will continue to govern his employment with the company as CEO.
In connection with his appointment as CEO, the company entered into a Non-Plan Stock Unit Award Agreement with Mr. Fitzpatrick, pursuant to which Mr. Fitzpatrick was granted 2,000,000 restricted stock units (RSUs)
The RSUs will vest in equal 25 percent installments on each of the first four six-month anniversaries of the award date, subject to Mr. Fitzpatrick’s continued employment with the company.
There was no agreement or arrangement entered into between the company and Mr. Fitzpatrick in connection with his appointment to the Company’s Board.
It was stated that there was no arrangement or understanding between Mr. Fitzpatrick and any other person pursuant to which he was appointed CEO or as director of the company. There are no family relationships between him and any director or executive officer of the company.