MIFCO to Appoint New CEO : Leadership Opportunity Amid Financial Challenges

The Privatization and Corporatization Board (PCB) has announced the search for a new Chief Executive Officer (CEO) for the Maldives Industrial Fisheries Company (MIFCO). This pivotal role is open for a four-year term, targeting professionals with substantial experience in similar high-level positions within other companies.
According to the Terms of Reference shared by PCB, the ideal candidate should possess a Master’s Degree or a Degree in Business Management, Administration, or a related field. Additionally, the candidate must have eight years of management experience in a local company or four years at the international level. Priority will be given to those with prior experience in companies involved in fish processing, fish exports, or other types of fish production.
The salary for the new CEO will be determined based on the selected person's qualifications and experience, ranging between USD 9,500 (MVR 146,000) and USD 12,000 (MVR 185,000).
This announcement comes at a critical time for MIFCO, which has been facing significant financial difficulties. The company has struggled to pay dues to fishermen for fish purchases, citing delays in receiving government subsidies as the primary reason for these outstanding payments. Recently, fishermen have staged protests against the non-payment of these dues, highlighting the urgent need for effective leadership to navigate these challenges.
The current administration has reported spending MVR 900 million on MIFCO, which includes MVR 270 million in subsidies for fishermen. Despite these substantial investments, MIFCO has yet to achieve financial stability. The government aims to transform MIFCO into a profitable entity that no longer relies on government backing.
In their statement, PCB emphasized that the most qualified and experienced candidate from the pool of applicants will be selected for the CEO position. This new leader will be instrumental in driving MIFCO's strategic initiatives to enhance its financial health and operational efficiency.
Applications for the CEO position can be submitted until the 15th of July. This search for new leadership represents a significant step in MIFCO's ongoing efforts to overcome its financial challenges and strengthen its role in the Maldives' fisheries sector.
By appointing a CEO with the right expertise and vision, MIFCO hopes to achieve sustainable growth, ensuring timely payments to fishermen and improving its overall financial performance. This move is expected to restore confidence among stakeholders and pave the way for a more robust and resilient fisheries industry in the Maldives.