Umami Sustainable Seafood Inc., a San Diego operator of aquafarms in Mexico and Croatia, appointed Tim Fitzpatrick as its chief executive officer and a director on the company’s board.
Fitzpatrick, 46, served as the company’s CFO since January. Previously he was general counsel of Mindray Medical International Ltd from 2006 to 2011, and prior to that he was an attorney working in the United States and Hong Kong, the company said.
Umami said Fitzpatrick will continue to receive the $240,000 annual salary he was hired at in 2012 as CFO, along with a stock grant of 2 million restricted stock units that vest in 25 percent increments starting at the first of four six-month anniversaries from the award date on Aug. 16.
He also has the chance to earn a 100 percent salary bonus, according to the agreement.
Shares of Umami, (OTC Nasdaq: UMAM) were up 7 cents on Aug.22 to 92 cents, giving the company a market capitalization of $46.5 million.
— Mike Allen