Board of Directors

The Board of Directors (from left to right):
Arni Oddur Thordarson, Arnar Thor Masson, Margret Jonsdottir, Helgi Magnusson,
Asthildur Margret Otharsdottir, Fridrik Johannsson and Theo Bruinsma.

Chairman of the Board

Arni Oddur Thordarson

Education: MBA, IMD, Switzerland, 2004; Cand. Oecon. in Business Administration, University of Iceland, 1993.
Elected: 2005.
Holdings in Marel by Eyrir Invest ehf and financially related parties: 262,098,707.

Arni Oddur Thordarson is co-founder of Eyrir Invest ehf and has been the company’s CEO since foundation. He has over 15 years of extensive international experience in various businesses. Prior to co-founding Eyrir Invest, Thordarson was Head of Corporate Finance & Capital Markets at Bunadarbanki Islands, which later merged with Kaupthing, now Arion Bank. He has been a board member of Stork BV since 2008 and Egils Brewery since 2003.

Vice-Chairman of the Board

Asthildur Margret Otharsdottir

Education: MBA, Rotterdam School of Management, The Netherlands, 1996; Cand. Oecon., University of Iceland, 1992.
Elected: 2010
Holdings in Marel, including those of financially related parties: 32,000.

Asthildur Margret Otharsdottir is an independent consultant with extensive prior business experience as a Director of Treasury and Corporate Development at Össur hf. from 2006 to 2010, Senior Account Manager at Kaupthing Bank hf., now Arion bank, from 2004 to 2006, and Consultant at Accenture from 1996 to 2000. She is a member of the Board of Directors of Marorka ehf. and Lagerinn Dutch Holding BV.

Other Board Members

Arnar Thor Masson

Education: Political Science with an M.Sc. in Comparative Politics, the London School of Economics and Political Science, U.K., 1997. BA in Political Science, University of Iceland, 1996. Studied securities brokerage in 2007.
Elected: 2001.
Holdings in Marel, including those of financially related parties: 0.

Arnar Thor Masson is the Director General of the Department of Administrative and Social Development at the Prime Minister’s Office in Iceland. Prior to that, he was Deputy Director General of the Financial Management Department at the Ministry of Finance. Masson was an adjunct lecturer at the Department of Political Science of the University of Iceland from 2000 until 2008. He does not sit on the board of any other company than Marel.

Fridrik Johannsson

Education: Cand. Oecon., University of Iceland, 1983; Certified Public Accountant, 1987.
Elected: Alternate 1997-2004. Board member since 2004. Chairman of the Board from the AGM 2005 until October 2005.
Holdings in Marel, including those of financially related parties: 4,300,000.

Fridrik Johannsson is a partner of Icora Partners, a corporate finance advisory firm. He served previously as CEO of Straumur-Burðarás Investment Bank hf. from June 2006 to May 2007, and CEO of Burðarás hf. from March 2004 to September 2005. Mr. Johannsson is a member of the Board of Vörður tryggingar hf., A1988 hf. (Eimskipafélag Íslands), Áning ehf. and Icora Partners ehf.

Helgi Magnusson

Education: Business Administration, University of Iceland, 1974; CPA, 1975.
Elected: 2005.
Holdings in Marel, including those of financially related parties: 5,308,044.

Helgi Magnusson is the Chairman of the Federation of Icelandic Industries and a member of the Board of Directors and the Executive Board of the Confederation of Icelandic Employers. He is also Chairman of the Board of the Pension Fund of Commerce, Blue Lagoon hf. and Harpa Holding Ltd, and a board member of several other Icelandic companies. Mr. Magnusson served previously as a board member of Islandsbanki hf, Framsyn Pension Fund and the Icelandic Chamber of Commerce. For several years, he was the Chairman of the Board of Harpa and Harpa-Sjöfn Paint Factory and Flügger Iceland Paint Factory.

Margret Jonsdottir

Education: Master of Accounting and Auditing, University of Iceland, 2006; Cand. Oecon. in Business Administration, University of Iceland, 1983.
Elected: 2006.
Holdings in Marel, including those of financially related parties: 200,419.

Margret Jonsdottir is the CFO of Eyrir Invest ehf. Previously, she was the Director of Finance at Edda Publishing hf from December 2001 until October 2002. She was Director of Finance at Kreditkort hf from August 2000 until December 2001, and Manager of Accounts and Planning at FBA Investment Bank (later Íslandsbanki), and Director of Finance at the Industrial Loan Fund (FBA predecessor), from September 1988 until June 2000.

Theo Bruinsma

Education: Atheneum (HBSb); Service Management, Technical University; Certified pilot.
Elected: 2010
Holdings in Marel, including those of financially related parties: 1,000,000.

After having worked independently for a number of years in various international patent and translation offices, Theo Bruinsma joined Townsend Engineering in 1976 as Service Coordinator. He was named Technical Director in 1979 and held a number of positions in the European and USA operations of the company before being appointed General Manager in 1992. He was named President in 2000. When Townsend Engineering was acquired by Stork in 2006, Bruinsma became a member of Stork Food Systems’ management team, with responsibility for meat operations. He sits on the board of Salm Partners/USA and is an honorary member of the Dutch Service Management Association and representative in the European Standardization Committee for the Food Industry.