Board of Directors

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


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
  • Holdings in Marel, including those of financially related parties: 32,000

Asthildur Margret Otharsdottir is an independent consultant with extensive prior business experience as Global Director of Treasury and Corporate Development at Össur hf. from 2006 to 2010, Senior Account Manager at Kaupthing Bank hf. from 2004 to 2006, and Consultant at Accenture in Denmark from 1996 to 2000. She is a member of the Board of Directors of Icelandair Group hf., Marorka ehf., JÖR by Gudmundur Jorundsson ehf., Research Center for Business Ethics at the University of Iceland and the Court of Arbitration of the Icelandic Chamber of Commerce.


Vice-Chairman of the Board

Mr. 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.


Other Board Members

Ms. Ann Elizabeth Savage

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

Ann Savage is (since 2004) the Group Technical Director of Bakkavör Group and also serves as its Member of Management Board. She is mainly responsible for Food Safety, Health and Safety management, Manufacturing Excellence and Environmental management at Bakkavör. Savage has played variety of roles during her career, spanning over 30 years in technical and research and development departments (with a brief spell in manufacturing) within the retail and food industry, more specifically for Cooperative Wholesale Society (CWS) Northern Foods (1990-1999) and Geest (1999-2004). Currently, she does not sit on the Board of Directors of any other company (outside of Bakkavör Group).


Mr. Astvaldur Johannesson

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

Astvaldur Johannsson has extensive International experience holding various Senior Management positions for Össur hf., the global orthopedics company and as an Executive Director of International Division of Valitor hf., e-Commerce payment solutions- and services provider.

Before he served as a member of the Executive Team of the IT company Nyherji hf., as a Managing Director at Penninn, a retail chain organization 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 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.


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 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.


Mr. Olafur S. Gudmundsson

  • Education: PhD in Pharmaceutical Chemistry from the University of Kansas and a B.Sc. Degree in Pharmacy from the University of Iceland
  • Elected: 2014
  • Holdings in Marel, including those of financially related parties: 1,705,427

Olafur S. Gudmundsson has held various senior 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 in the US.


See also:

Rules of Procedure