Icelandic Group has announced that Magnús Bjarnason is stepping down as CEO and will be replaced by Board director Árni Geir Pálsson.
Jóhann Gunnar Jóhannsson, chief financial officer at Icelandic Group will take up the position of deputy director concurrent with his role.
Mr Bjarnason has been in charge of the company for the past two years and successfully led the merger of the company's UK operations into a single company.
Mr Pálsson has served on the company's Board of Directors since 2011 and also worked for Icelandic from 2000 to 2005 as head of business development.
He has worked in recent years as an independent business consultant. In 2006-2008 he was CEO of Median, a software company specialising in payment transaction services, and in 2005-2006 he was CEO of the entertainment company Lazytown. Other previous roles include head of development of the publishing company Frjáls Fjölmiðlun, owner of the advertising company Máttúrinn og dýrðin, public relations manager at Samskip and securities broker at VÍB.
Herdís Fjeldsted, chairman of the board of directors of Icelandic Group: "Icelandic Group has faced various challenging circumstances and changes in recent years, most recently the mergers of the company's businesses in the United Kingdom under the leadership of Magnús Bjarnason. I would like to take this opportunity to thank Magnús for his work in the interests of the company with my best wishes for his future. I am happy to welcome Árni Geir Pálsson as the new CEO. His experience and knowledge of Icelandic will be a valuable asset to the company.”
