Board of Directors

From left: Asthildur Margret Otharsdottir (Chairman), Astvaldur Johannsson, Ann Elizabeth Savage, Arnar Thor Masson, Olafur S. Gudmundsson, Margret Jonsdottir, and Helgi Magnusson


Chairman of the Board

Ms. Asthildur Margret Otharsdottir

  • Education: MBA, Rotterdam School of Management, The Netherlands, 1996; Cand. Oecon., University of Iceland 1992
  • Elected: 2010; Chairman of the Board since November 2013
  • Holdings in Marel, including those of financially related parties: 32,000

Asthildur Margret Otharsdottir is an independent consultant and board member. She is a member of the Board of Directors of the Icelandair Group and Chairman of the Board of the Frumtak II investment fund. Otharsdottir is on the board of the University of Iceland and the Court of Arbitration at the Icelandic Chamber of Commerce. She has prior business experience as a Director of Treasury and Corporate Development at Össur hf., from 2006 to 2010, a Senior Account Manager at Kaupthing Bank, now Arion Bank, from 2004 to 2006, and as a Consultant at Accenture from 1996 to 2000.


Vice-Chairman of the Board

Mr. Arnar Thor Masson

  • Education: M.Sc. in Comparative Politics, London School of Economics and Political Science, 1997; B.A. in Political Science, University of Iceland, 1996; Studied securities brokerage in 2007; High Performance Boards, executive course for supervisory board members and chairpersons, IMD Business School, 2014
  • Elected: 2001; Vice-Chairman since November 2013
  • Holdings in Marel, including those of financially related parties: 0

Arnar Thor Masson has extensive experience in re-organization, strategy and project management. He is currently the Alternate Director at the European Bank for Reconstruction and Development in London and also serves as the Chairman of Marel’s audit committee. His previous roles include being the Director General of the Department of Administrative Development at the Prime Minister’s Office in Iceland and the 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.


Other Board Members

Ms. Ann Elizabeth Savage

  • Education: Studied at the Open University. Post Graduate Diploma in Management Studies, Nottingham University
  • Elected: 2013
  • Holdings in Marel, including those of financially related parties: 0

Ann Savage recently retired from her role as the Group Technical Director of Bakkavor Group. She served as a member of the management board, where she was mainly responsible for food safety, health and safety management, manufacturing excellence and environmental management at Bakkavor. Savage has held a variety of roles during her career, spanning over 35 years in technical and R&D departments within the retail and food industry, more specifically for Cooperative Wholesale Society (CWS), Northern Foods (1990-1999) and Geest/Bakkavor (1999-2016).


Mr. Astvaldur Johannesson

  • Education: MBA, University of Iceland 2002, B.Sc. in Management Information Systems, Heriot-Watt University Scotland 1987
  • Elected: 2014
  • Holdings in Marel, including those of financially related parties: 0

Astvaldur Johannsson, is currently serving as the VP of Sales at Men and Mice, an International software organization. In addition, Astvaldur has extensive prior international experience, holding various senior management positions for Ossur hf., Global non-invasive Orthopedics Corporation and as an Executive Director of International Division of Valitor hf., an e-commerce payment solutions and services provider. Other experiences include: Director membership of the Executive Team of the IT company Nyherji hf., the Managing Director at Penninn, and as a system analyst expert within the IT sector focusing on process design and development.


Mr. Helgi Magnusson

  • Education: Business Administration, University of Iceland, 1974; CPA, 1975
  • Elected: 2005
  • Holdings in Marel, including those of financially related parties: 3,779,044

Helgi Magnusson is the Chairman of the boards of Blue Lagoon, Harpa Holding and Husasmidjan. He serves as a board member of several Icelandic companies, including N1 and Hofgardar. He served as a member of the Board of Directors and the Executive Board of the Confederation of Icelandic Employers from 2006 to 2013 and as the Chairman of the Federation of Icelandic Industries from 2006 to 2012. Magnusson has also been a board member of Islandsbanki hf, the Framsyn Pension Fund, the Pension Fund of Commerce, Siminn and the Icelandic Chamber of Commerce. For several years, he was the Chairman of the Board of Harpa Sjofn Paint Factory and the Flugger Iceland Paint Factory.


Ms. 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: 193,184

Margret Jonsdottir is the Managing Director of Operations of Eyrir Invest hf. Previously, she was the Director of Finance at Edda Publishing from December 2001 until October 2002. She was the Director of Finance at Kreditkort/MasterCard from August 2000 until December 2001, the Manager of Accounts at FBA Investment Bank (now Islandsbanki) from January 1998 until June 2000, and the Director of Finance at the Industrial Loan Fund (FBA Investment Bank predecessor) from September 1988 until January 1998.


Mr. Olafur S. Gudmundsson

  • Education: Ph.D. in Pharmaceutical Chemistry, University of Kansas, 1998; Cand. Pharm. in Pharmacy, University of Iceland 1994
  • Elected: 2014
  • Holdings in Marel, including those of financially related parties: 1,705,427

Dr. Olafur S. Gudmundsson is currently the Director of Pharmaceutics at the Bristol-Myers Squibb Company, a global biopharma company. He has previously held various senior level management positions within R&D in the pharmaceutical industry, both for Bristol-Myers Squibb and Genentech Inc. He is also associated with the Pharmaceutical Chemistry department at Purdue University.


Holdings as of December 31, 2016

See also:

Rules of Procedure