<p>Our leadership</p>

<p><span>Marel’s board of directors is committed to good corporate governance and ethical business practices that promote the long-term interest of shareholders, and help to build trust in the company. The board members are elected at each AGM for a term of one year. </span></p> <p><span>Marel's executive team consist of twelve experienced and highly qualified Marel managing directors.</span></p>

Board of directors

Ásthildur Margrét Otharsdóttir

<h4><span class="subtitle" style="font-weight: 400;">Chairman of the board</span></h4> <p><span style="font-weight: 400;">Ásthildur Margrét Otharsdóttir is an independent consultant and a board member of several companies. She served as the Director of Treasury and Corporate Development at Össur hf. and as a Senior Account Manager at Kaupthing Bank (now Arion Bank), as well as a consultant at Accenture in Copenhagen. She is the Chairman of the Board of the investment fund Frumtak Ventures, and a member of the Board of Directors of Icelandair Group. Otharsdottir is on the board of the University of Iceland and the Court of Arbitration at the Icelandic Chamber of Commerce.</span></p> <p><span class="colored-text" style="font-weight: 400;">Education</span></p> <ul> <li style="font-weight: 400;"><span style="font-weight: 400;">MBA, Rotterdam School of Management, Netherlands, 1996</span></li> <li style="font-weight: 400;"><span style="font-weight: 400;">Cand. Oecon., University of Iceland, 1992<br /><br /></span><span style="font-weight: 400;"></span></li> </ul> <p><span class="colored-text" style="font-weight: 400;">Elected</span></p> <ul> <li style="font-weight: 400;"><span style="font-weight: 400;">2013 Chairman of the board</span></li> <li style="font-weight: 400;"><span style="font-weight: 400;">2010 Board director<br /><br /></span></li> </ul> <p><span class="colored-text" style="font-weight: 400;">Holdings in Marel</span></p> <ul> <li><span style="font-weight: 400;">32,000</span></li> </ul>

Arnar Thor Másson

<h4><span class="subtitle" style="font-weight: 400;">Vice-chairman of the board</span><span class="subtitle" style="font-weight: 400;"></span></h4> <p><span style="font-weight: 400;">Arnar Thor Másson is currently the Alternate Director at the European Bank for Reconstruction and Development in London, and serves as the Chairman of Marel’s audit committee. He served as Director General of the Department of Administrative Development at the Prime Minister’s Office in Iceland, and Deputy Director General of the Financial Management Department at the Ministry of Finance. Másson held an adjunct lecturer position at the Department of Political Science of the University of Iceland from 2000 until 2008.</span></p> <p><span style="font-weight: 400;">Education</span></p> <ul> <li style="font-weight: 400;"><span style="font-weight: 400;">MS, Comparative Politics, London School of Economics and Political Science, 1997</span></li> <li style="font-weight: 400;"><span style="font-weight: 400;">BA , Political Science, University of Iceland, 1996</span></li> <li style="font-weight: 400;"><span style="font-weight: 400;">Studied securities brokerage in 2007</span></li> <li style="font-weight: 400;"><span style="font-weight: 400;">High Performance Boards, executive course for supervisory board members and chairpersons, IMD Business School, 2014<br /><br /></span></li> </ul> <p><span class="colored-text" style="font-weight: 400;">Elected</span></p> <ul> <li style="font-weight: 400;"><span style="font-weight: 400;">2013 Vice-chairman </span></li> <li style="font-weight: 400;"><span style="font-weight: 400;">2001 Board director<br /><br /></span></li> </ul> <p><span class="colored-text" style="font-weight: 400;">Holdings in Marel</span></p> <ul> <li><span style="font-weight: 400;">0</span></li> </ul>

Ólafur S. Gudmundsson

<h4><span class="subtitle" style="font-weight: 400;">Board director</span></h4> <p><span style="font-weight: 400;">Dr. Ólafur S. Gudmundsson is the Head of Discovery, Pharmaceutics at Bristol-Myers Squibb, a global biopharma company. He has previously held various senior level management positions within R&amp;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.</span></p> <p><span class="colored-text" style="font-weight: 400;">Education</span></p> <ul> <li style="font-weight: 400;"><span style="font-weight: 400;">PhD, Pharmaceutical Chemistry, University of Kansas</span></li> <li style="font-weight: 400;"><span style="font-weight: 400;">Cand. pharm., Pharmacy, University of Iceland<br /><br /></span></li> </ul> <p><span class="colored-text" style="font-weight: 400;">Elected</span></p> <ul> <li><span style="font-weight: 400;">2014<br /></span></li> </ul> <p><span class="colored-text" style="font-weight: 400;"><br />Holdings in Marel</span></p> <ul> <li><span style="font-weight: 400;">1,705,427</span></li> </ul>

Ástvaldur Jóhannsson

<h4><span class="subtitle" style="font-weight: 400;">Board director</span><span style="font-weight: 400;"></span><span style="font-weight: 400;"></span></h4> <p>Ástvaldur Jóhannsson is Business Development Director at Controlant, a cloud based software service solutions provider, monitoring and improving the cold supply chain, focusing on the Food- and Pharmaceuticals Industries. Jóhannsson has extensive international business experience, as he previously held various senior international management positions for: Össur hf., A Global leader in orthopaedics and Valitor hf.,eCommerce payment solutions- and services provider. Jóhannsson served as a member of the Executive Team of the IT company Nyherji hf., as Sales and Marketing Director at Penninn, and as a System Analyst Expert in the IT sector focusing on process design and development.</p> <p><span class="colored-text" style="font-weight: 400;">Education</span></p> <ul> <li style="font-weight: 400;"><span style="font-weight: 400;">MBA, University of Iceland </span></li> <li style="font-weight: 400;"><span style="font-weight: 400;">BS, Management Information Systems, Heriot-Watt University<br /><br /></span></li> </ul> <p><span class="colored-text" style="font-weight: 400;">Elected</span></p> <ul> <li><span style="font-weight: 400;"> 2014<br /><br /></span></li> </ul> <p><span class="colored-text" style="font-weight: 400;">Holdings in Marel</span></p> <ul> <li><span style="font-weight: 400;">0</span></li> </ul>

Margrét Jónsdóttir

<h4><span class="subtitle">Board director</span></h4> <p><span style="font-weight: 400;">Margrét Jónsdóttir is the Managing Director of Operations for Eyrir Invest hf. Previously, she was the Director of Finance at Edda Publishing. She also worked as the Director of Finance at Kreditkort/MasterCard, and the Manager of Accounts at FBA Investment Bank. Prior to that, she spent a decade as the Director of Finance at the Industrial Loan Fund (the FBA Investment Bank's predecessor).</span></p> <p><span class="colored-text" style="font-weight: 400;">Education</span></p> <ul> <li style="font-weight: 400;"><span style="font-weight: 400;">MS, Accounting and Auditing, University of Iceland </span></li> <li style="font-weight: 400;"><span style="font-weight: 400;">Cand. oecon., Business Administration, University of Iceland<br /><br /></span></li> </ul> <p><span class="colored-text" style="font-weight: 400;">Elected</span></p> <p><span style="font-weight: 400;">2006<br /><br /></span></p> <p><span class="colored-text" style="font-weight: 400;">Holdings in Marel</span></p> <p><span style="font-weight: 400;">195,113</span></p>

Helgi Magnússon

<h4><span class="subtitle" style="font-weight: 400;">Board director</span></h4> <p><span style="font-weight: 400;">Helgi Magnússon is the Chairman of the Board of the Blue Lagoon, Harpa Holding and Husasmidjan. He also serves as a board member of several Icelandic companies, including N1 and Hofgardar. Magnússon was the Chairman of the Federation of Icelandic Industries from 2006 to 2012 and a member of the Board of Directors and the Executive Board of the Confederation of Icelandic Employers from 2006 to 2013. </span></p> <p><span style="font-weight: 400;">Magnússon 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. He was the Managing Director of Harpa and HarpaSjöfn paint factories for several years, and the Chairman of the Board of Harpa, HarpaSjöfn and Flügger Iceland.</span></p> <p><span class="colored-text" style="font-weight: 400;">Education</span></p> <ul> <li style="font-weight: 400;"><span style="font-weight: 400;">CPA, Certified Public Accountant, University of Iceland </span></li> <li style="font-weight: 400;"><span style="font-weight: 400;">Cand. Oceon., Business Administration, University of Iceland<br /><br /></span></li> </ul> <p><span class="colored-text" style="font-weight: 400;">Elected</span></p> <ul> <li><span style="font-weight: 400;">2005<br /><br /></span></li> </ul> <p><span class="colored-text" style="font-weight: 400;">Holdings in Marel</span></p> <ul> <li><span style="font-weight: 400;">3,039,044</span></li> </ul>

Ann Elizabeth Savage

<h4><span class="subtitle" style="font-weight: 400;">Board director</span></h4> <p><span style="font-weight: 400;">Ann Savage has previously served as the Technical Director of Bakkavor Group, a leading international manufacturer of fresh prepared foods. Her main responsibilities included food safety, health and safety management, manufacturing excellence and environmental management. She was also a member of the company's management board. </span></p> <p><span style="font-weight: 400;">Savage has held a variety of roles in technical and R&amp;D departments within the retail and food industry over her 35-year career. She worked for the Cooperative Wholesale Society (CWS), Northern Foods from 1990 until 1999, and at Geest/Bakkavor for over 16 years.</span></p> <p><span class="colored-text" style="font-weight: 400;">Education</span></p> <ul> <li style="font-weight: 400;"><span style="font-weight: 400;">Studied at the Open University</span></li> <li style="font-weight: 400;"><span style="font-weight: 400;">Post Graduate Diploma in Management Studies, Nottingham University<br /><br /></span></li> </ul> <p><span class="colored-text" style="font-weight: 400;">Elected</span></p> <ul> <li><span style="font-weight: 400;">2013<br /><br /></span></li> </ul> <p><span class="colored-text" style="font-weight: 400;">Holdings in Marel</span></p> <ul> <li><span style="font-weight: 400;">0</span></li> </ul>

Executive team

Árni Oddur Thórdarson

<h4><span class="subtitle" style="font-weight: 400;">CEO</span></h4> <p><span style="font-weight: 400;">Thórdarson has extensive international business experience within the industrial sector. Before taking up his current position as Marel’s CEO in November 2013 he was the CEO of Eyrir Invest, which he co-founded in 2000. Thórdarson served on the board of directors of Marel between 2005 and 2013, the majority of the time as chairman.</span></p> <p><span class="colored-text" style="font-weight: 400;">Education</span></p> <ul> <li style="font-weight: 400;"><span style="font-weight: 400;">MBA, IMD, Switzerland, 2004 </span></li> <li style="font-weight: 400;"><span style="font-weight: 400;">Cand. Oecon., Business Administration, University of Iceland, 1993<br /><br /></span></li> </ul> <p><span class="colored-text" style="font-weight: 400;">Holdings in Marel</span></p> <ul> <li><span style="font-weight: 400;">131,869</span></li> </ul>

Folkert Bölger

<h4><span class="subtitle" style="font-weight: 400;">Executive VP global supply chain</span></h4> <p><span style="font-weight: 400;">Bölger has extensive global managerial experience in supply, procurement and operational positions. Before joining Marel, he was Vice President of Operations and Procurement at Bang &amp; Olufsen in Denmark. Bölger held various management positions at Philips and Siemens-VDO in Asia, Central Europe and Western Europe.</span></p> <p><span class="colored-text" style="font-weight: 400;">Education</span></p> <ul> <li style="font-weight: 400;"><span style="font-weight: 400;">MS, Mechanical Engineering, Delft University of Technology </span></li> <li style="font-weight: 400;"><span style="font-weight: 400;">CPIM, American Production and Inventory Control Society (APICS)</span></li> </ul> <p><span class="colored-text" style="font-weight: 400;"><br />Holdings in Marel</span></p> <ul> <li><span style="font-weight: 400;"> 17,862</span></li> </ul>

Einar Einarsson

<h4><span class="subtitle">EXECUTIVE VICE PRESIDENT OF GLOBAL MARKETS</span></h4> <p>Einar Einarsson is Marel's Executive Vice President of Global Markets. He has over 15 years of experience in managing Marel’s sales and service operations in North America. Prior to his appointment as President of Marel Inc. in the US in 2003, he held several positions within Marel as a Sales Engineer, Area Sales Manager and Product Manager. Einar was Managing Director of Alpan Ltd., Iceland, a manufacturer of high quality cast aluminum cookware, from 1998-2002.</p> <p><span class="colored-text">Education</span></p> <ul> <li>B.Sc. in Mechanical Engineering from the University of Iceland and Diplom-Ingenieur in Mechanical Engineering from the University of Karlsruhe</li> </ul> <p><br /><span class="colored-text">Holdings in Marel</span></p> <ul> <li>524,272</li> </ul>

Vidar Erlingsson

<h4><span class="subtitle" style="font-weight: 400;">Executive VP of innovation</span></h4> <p><span style="font-weight: 400;">Erlingsson took up his current post in 2014. He has been with the Marel innovation team since 2000, and has also held a variety of other positions within the company. In 2010, he became the product centre inspection leader. Erlingsson has been instrumental in developing new technology within Marel and bringing it to commercial success.</span></p> <p><span class="colored-text" style="font-weight: 400;">Education</span></p> <ul> <li style="font-weight: 400;"><span style="font-weight: 400;">MS, Engineering, DTU in Denmark </span></li> <li style="font-weight: 400;"><span style="font-weight: 400;">BS, Electrical and Computer Engineering, University of Iceland<br /><br /></span></li> </ul> <p><span class="colored-text" style="font-weight: 400;">Holdings in Marel</span></p> <ul> <li><span style="font-weight: 400;">89,000</span></li> </ul>

Jesper Hjortshøj

<h4><span class="subtitle" style="font-weight: 400;">MD (EVP) of Marel Further Processing</span></h4> <p><span style="font-weight: 400;">Hjortshøj joined the executive team in February 2017. He has been with Marel since 2006. Hjortshøj has extensive experience in the food industry and has held several different positions within the company. He served as manager in marketing, product centre and strategy and portfolio for global innovation.</span></p> <p><span class="colored-text" style="font-weight: 400;">Education</span></p> <ul> <li style="font-weight: 400;"><span style="font-weight: 400;">MBA, Aarhus University</span></li> <li style="font-weight: 400;"><span style="font-weight: 400;">MA, Communication and Media Studies, Aarhus University<br /><br /></span></li> </ul> <p><span class="colored-text" style="font-weight: 400;">Holdings in Marel</span></p> <ul> <li><span style="font-weight: 400;"> 0</span></li> </ul> <p><br /><br /></p>

Ulrika Lindberg

<h4><span class="subtitle">EXECUTIVE VICE PRESIDENT OF SERVICE</span></h4> <p>Ulrika Lindberg is Marel's Executive Vice President of Service. She has extensive managerial experience in senior sales and services positions at large international organizations. Before joining Marel she was the Vice President of Global Service at Alfa Laval and has held various management positions worldwide for Alfa Laval and Tetra Pak.</p> <p><span class="colored-text">Education</span></p> <ul> <li>B.Sc. in Business and Administration from University of Lund<br /><br /></li> </ul> <p><span class="colored-text">Holdings in Marel</span></p> <ul> <li>0</li> </ul> <p> </p>

Linda Jónsdóttir

<p><span class="subtitle" style="font-weight: 400;">CFO</span></p> <p><span style="font-weight: 400;">Jónsdóttir has served as Marel's CFO since 2014. Before that, she was Marel’s corporate director of treasury and investor relations. Prior to joining Marel, Jónsdóttir worked in treasury and financing for Eimskip, Burdaras and Straumur Investment Bank. She was a board member of the Icelandic Enterprise Investment Fund from 2010 until 2015.</span></p> <p><span class="colored-text" style="font-weight: 400;">Education</span></p> <ul> <li style="font-weight: 400;"><span style="font-weight: 400;">MS, Finance, Reykjavik University </span></li> <li style="font-weight: 400;"><span style="font-weight: 400;">Cand. oecon., Business Administration, University of Iceland</span></li> </ul> <p><span class="colored-text" style="font-weight: 400;">Holdings in Marel</span></p> <ul> <li><span style="font-weight: 400;">182,500</span></li> </ul> <p> </p>

Davíd Freyr Oddsson

<h4><span class="subtitle" style="font-weight: 400;">Executive VP of human resources</span></h4> <p><span style="font-weight: 400;">Oddsson took on his current role in 2013. He joined Marel in 2011 as HR director of the international sales and service network. Before joining Marel, Oddsson was Global Head of Human Resources and Corporate Services at Straumur Investment Bank from 2006 until 2011. Prior to that, he spent seven years as an HR consultant at Capacent.</span></p> <p><span class="colored-text" style="font-weight: 400;">Education</span></p> <ul> <li style="font-weight: 400;"><span style="font-weight: 400;">MBA, Reykjavik University </span></li> <li style="font-weight: 400;"><span style="font-weight: 400;">Cand. Theologius, University of Iceland<br /><br /></span></li> </ul> <p><span class="colored-text" style="font-weight: 400;">Holdings in Marel</span></p> <ul> <li><span style="font-weight: 400;"> 135,000</span></li> </ul> <p> </p>

Sigurdur Ólason

<h4><span class="subtitle" style="font-weight: 400;">MD (EVP) of Marel Fish</span></h4> <p><span style="font-weight: 400;">Ólason started in his current position in 2014. He has extensive, international experience within the seafood industry. Ólason worked in product development at Marel from 2001 until 2006, after which he became Director of Business Development at Samherji, one of Iceland’s leading seafood companies. He rejoined Marel in 2014.</span></p> <p><span class="colored-text" style="font-weight: 400;">Education</span></p> <ul> <li style="font-weight: 400;"><span style="font-weight: 400;">MBA, Brisbane Graduate School of Business</span></li> <li style="font-weight: 400;"><span style="font-weight: 400;">BS, Computer Science, University of Iceland</span></li> <li style="font-weight: 400;"><span style="font-weight: 400;">BS, Mechanical Industrial Engineering, University of Iceland<br /><br /></span></li> </ul> <p><span class="colored-text" style="font-weight: 400;">Holdings in Marel</span></p> <ul> <li><span style="font-weight: 400;"> 0</span></li> </ul>

Árni Sigurdsson

<h4><span class="subtitle" style="font-weight: 400;">Executive VP of strategy and corporate development</span></h4> <p><span style="font-weight: 400;">Sigurdsson has extensive experience in the finance and investment management industry. Before joining Marel in 2014, he was an associate at AGC Partners investment bank. Prior to that, he worked at the commercial bank Landsbanki Íslands, where he was instrumental in advising Marel on the acquisition of Stork Food Systems.</span></p> <p><span class="colored-text" style="font-weight: 400;">Education</span></p> <ul> <li style="font-weight: 400;"><span style="font-weight: 400;">MBA, Harvard Business School </span></li> <li style="font-weight: 400;"><span style="font-weight: 400;">BS, Industrial Engineering, University of Iceland<br /><br /></span></li> </ul> <p><span class="colored-text" style="font-weight: 400;">Holdings in Marel</span></p> <ul> <li><span style="font-weight: 400;">100,000</span></li> </ul>

Anton de Weerd

<h4><span class="subtitle" style="font-weight: 400;">MD (EVP) of Marel Poultry</span></h4> <p><span style="font-weight: 400;">De Weerd took up his current post in 2007. He has decades of experience in the poultry industry, having been with Marel and its predecessors since 1982. During his time at Marel he has served in various sales and marketing positions, including as commercial director, MD, and president.</span></p> <p><span class="colored-text" style="font-weight: 400;">Education</span></p> <ul> <li style="font-weight: 400;"><span style="font-weight: 400;">BS, Mechanical Engineering, Avans University<br /><br /></span></li> </ul> <p><span class="colored-text" style="font-weight: 400;">Holdings in Marel</span></p> <ul> <li><span style="font-weight: 400;">15,000</span></li> </ul>

David Wilson

<h4><span class="subtitle" style="font-weight: 400;">MD (EVP) of Marel Meat</span></h4> <p><span style="font-weight: 400;">Wilson took up his current position in 2012. He has decades of experience in the food industry and has been with Marel and its predecessors since 1998. Wilson was senior VP for the Marel Poultry industry centre in Gainesville, U.S. until 2012. Prior to that he served as VP of sales and marketing, and also as a regional sales manager.</span></p> <p><span class="colored-text" style="font-weight: 400;">Education</span></p> <ul> <li style="font-weight: 400;"><span style="font-weight: 400;">MS, Animal Science, Aberdeen University</span></li> <li style="font-weight: 400;"><span style="font-weight: 400;">BS (Hons), Agricultural and Business Management, Aberdeen University<br /><br /></span></li> </ul> <p><span class="colored-text" style="font-weight: 400;">Holdings in Marel</span></p> <ul> <li><span style="font-weight: 400;">87,367</span></li> </ul>