For the first time in its history, the Maldives Industrial Fisheries Company Ltd. (MIFCO) has appointed a foreign national as its Chief Executive Officer. Dr. Vitaliy Lyubimov, a seasoned Ukrainian professional with over two decades of experience in the business sector, is set to take on the role starting Tuesday, the company announced.
A Seasoned Leader with Diverse Expertise
Dr. Lyubimov’s extensive career spans multiple fields, including crisis management, stakeholder engagement, risk and change management, business analysis, and production technologies. He also brings significant expertise in legal and regulatory frameworks, particularly within the financial and banking industries, as well as labor relations.
The new appointment is seen as a strategic move to revitalize MIFCO, a state-owned enterprise that has faced persistent financial challenges over the years. The company believes that Dr. Lyubimov’s broad expertise and leadership experience in international and complex organizational environments will help steer the company toward a more sustainable future.
Transition in Leadership
Dr. Lyubimov’s appointment follows the dismissal of former CEO Ahmed Samah Rasheed in May. Since then, MIFCO had issued two public calls to recruit a new leader for the company. The Privatization and Corporatization Board (PCB), which oversees state-owned enterprises in the Maldives, has not yet officially confirmed Dr. Lyubimov’s appointment.
MIFCO, established in 1993 to promote and develop the country’s fisheries sector, has struggled with financial sustainability, often relying on government subsidies to remain operational. The appointment of Dr. Lyubimov aligns with the company’s earlier vision of hiring a professional with extensive experience in the fisheries sector, including at least four years in managing international fisheries operations.
A Critical Role for the Fisheries Sector
As a cornerstone of the Maldivian economy, the fisheries sector is integral to the livelihoods of thousands. MIFCO plays a vital role in the industry, managing fish processing and export operations. The company’s decision to bring in a foreign specialist is viewed as an ambitious step to improve operational efficiency and address longstanding issues in the sector.
With Dr. Lyubimov’s leadership, MIFCO is poised to navigate its challenges and explore new opportunities for growth, bolstering the fisheries industry’s contribution to the Maldives’ economy.
