Clearwater Seafoods CEO takes on chairman of board role, announces retirement plans as CEO


    HALIFAX, Jan. 23 /CNW/ - (TSX:CLR.UN, CLR.DB, CLR.DB.A): Today, the board
of CS ManPar Inc, the Managing Partner of Clearwater Seafoods Limited
Partnership ("Clearwater"), announced that Colin MacDonald, the current Chief
Executive Officer, will assume the position of Chairman of the Board effective
immediately, replacing the former Chair, John Risley, who will remain as a
    Concurrently Mr. MacDonald announced that he will lead a committee of the
Board to begin a formal review and search for a Chief Executive Officer. It is
his intention to retire from the role of Chief Executive Officer once a
suitable candidate is found.
    Colin co-founded Clearwater in 1976 and in 2002 when Clearwater Seafoods
Income Fund completed its initial public offering on the Toronto Stock
Exchange and used the proceeds to purchase an interest in Clearwater, he
became Chief Executive Officer of CS Manpar Inc.
    "Colin and I have worked together at Clearwater for over 30 years and
both the Board of Directors and I are pleased that he has agreed to take on
the Chair role to ensure the continued success of Clearwater," said John
Risley, outgoing Chairman of the Board of CS ManPar Inc.
    Colin MacDonald, Chairman and CEO commented "Clearwater has been my
passion for over 30 years now, I look forward to assuming this role and I will
be a very active Chairman to ensure that the new CEO will continue to benefit
from the founders experience and belief in the business model. The past few
years have been challenging but the company's strong underlying business model
based on sustainable harvesting and resource management, creating value for
our customers, developing our people and embracing a culture of innovation
have served us well and has positioned us well for the future. With both John
and I recently turning 60 our sense of responsibility to the business to
ensure a successful succession has led us to give more focus to ensuring the
company is well positioned for the future with strong leaders, a new Chief
Executive Officer is a key part of that plan."

    About Clearwater

    Clearwater is recognized for its consistent quality, wide diversity and
reliable delivery of premium seafood, including scallops, lobster, clams,
coldwater shrimp, crab and ground fish.
    Since its founding in 1976, Clearwater has invested in science, people,
technology, resource ownership and resource management to preserve and grow
its seafood resource. This commitment has allowed it to remain a leader in the
global seafood market.
    %SEDAR: 00018023E

For further information:

For further information: Robert Wight, Chief Financial Officer,
Clearwater, (902) 457-2369; Tyrone Cotie, Director of Corporate Finance and
Investor Relations, Clearwater, (902) 457-8181

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