<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>Ásthildur Margrét Otharsdóttir is an independent consultant and a director of several companies with extensive experience of business management. Otharsdóttir 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 director of Icelandair Group and Promote Iceland. Otharsdóttir is on the Board of Governors of the University of Iceland and Board of the Nordic Arbitration Centre at the Icelandic Chamber of Commerce.</span></p> <p><span class="colored-text" style="font-weight: 400;">Education</span></p> <ul> <li><span>MBA, Rotterdam School of Management, the Netherlands</span></li> <li><span>Cand. Oecon., University of Iceland</span><span style="font-weight: 400;"><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>2013 Chairman of the Board</span></li> <li style="font-weight: 400;"><span>2010 Director</span><span style="font-weight: 400;"><br /></span></li> </ul> <p><span class="colored-text" style="font-weight: 400;">Sub-committees</span></p> <ul> <li>Remuneration Committee (chair)</li> </ul> <p><span class="colored-text" style="font-weight: 400;">Holdings in Marel</span></p> <ul> <li><span>32,000 shares</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>Arnar Thór Másson is currently the Alternate Director at the European Bank for Reconstruction and Development in London and serves as Chairman of Marel’s Audit Committee. He has extensive experience in re-organization, strategy and project management. Másson served as Director General of the Department of Administrative Development in the Prime Minister’s Office in Iceland and Deputy Director General of the Financial Management Department at the Ministry of Finance. From 2000-2008 Másson held an adjunct lecturer position at the Department of Political Science of the University of Iceland.</span></p> <p><span style="font-weight: 400;"><span class="colored-text" style="font-weight: 400;">Education</span></span></p> <ul> <li style="font-weight: 400;"><span>MSc, Comparative Politics, London School of Economics and Political Science</span></li> <li style="font-weight: 400;"><span>BA, Political Science, University of Iceland</span><span style="font-weight: 400;"><br /></span></li> </ul> <p><span class="colored-text" style="font-weight: 400;">Elected</span></p> <ul> <li style="font-weight: 400;"><span>2013 Vice-chairman</span></li> <li style="font-weight: 400;"><span>2001 Board Director</span><span style="font-weight: 400;"><br /></span></li> </ul> <p><span class="colored-text" style="font-weight: 400;">Sub-committees</span></p> <ul> <li style="font-weight: 400;"><span>Remuneration Committee</span></li> <li style="font-weight: 400;"><span>Audit Committee (chair)</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>Dr Ólafur S. Gudmundsson is the Head of Discovery Pharmaceutics and Analytical Science 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. Gudmundsson 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>PhD, Pharmaceutical Chemistry, University of Kansas</span></li> <li style="font-weight: 400;"><span>Cand. pharm., Pharmacy, University of Iceland</span><span style="font-weight: 400;"><br /></span></li> </ul> <p><span class="colored-text" style="font-weight: 400;">Elected</span></p> <ul> <li><span style="font-weight: 400;">2014</span></li> </ul> <p><span class="colored-text" style="font-weight: 400;">Sub-committees</span></p> <ul> <li><span>Remuneration Committee</span></li> </ul> <p><span class="colored-text" style="font-weight: 400;">Holdings in Marel</span></p> <ul> <li><span>1,705,427 shares</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><span>Ástvaldur Jóhannsson is Business Development Director at Controlant. His previous international business experience includes senior management positions at Össur hf. and that of Executive Director leading the International Division of Valitor hf. 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.</span></p> <p><span class="colored-text" style="font-weight: 400;">Education</span></p> <ul> <li style="font-weight: 400;"><span>MBA, University of Iceland</span></li> <li style="font-weight: 400;"><span>BS, Management Information Systems, Heriot-Watt University</span><span style="font-weight: 400;"><br /></span></li> </ul> <p><span class="colored-text" style="font-weight: 400;">Elected</span></p> <ul> <li><span style="font-weight: 400;"> 2014</span><span style="font-weight: 400;"></span></li> </ul> <p><span class="colored-text" style="font-weight: 400;">Sub-committees</span></p> <ul> <li style="font-weight: 400;"><span>Audit committee</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>Margrét Jónsdóttir is Managing Director of Operations for Eyrir Invest hf. Previously, she was Director of Finance at Edda Publishing, Director of Finance at Kreditkort/ MasterCard and Manager of Accounts at FBA Investment Bank. Prior to that, Jónsdóttir 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>MS, Accounting and Auditing, University of Iceland</span></li> <li style="font-weight: 400;"><span>Cand. Oecon., Business Administration, University of Iceland</span></li> </ul> <p><span class="colored-text" style="font-weight: 400;">Elected</span></p> <ul> <li><span style="font-weight: 400;">2006<br /></span></li> </ul> <p><span class="colored-text" style="font-weight: 400;">Sub-committees</span></p> <ul> <li><span>Audit Committee</span></li> </ul> <p><span class="colored-text" style="font-weight: 400;">Holdings in Marel</span></p> <ul> <li><span>195,113 shares</span></li> </ul>

Ton van der Laan

<h4><span class="subtitle" style="font-weight: 400;">Board director</span></h4> <p>Ton van der Laan is a Dutch national and resides in the Netherlands. He has extensive experience from several executive roles in the food industry. He is a non-executive Board Member of Vion Foods, Royal de Heus, Dümmen Orange and the Rainforest Alliance.</p> <p>Van der Laan is the former CEO of Nidera Capital in the Netherlands and Argentina, a company active in financing and distribution of grains and oilseeds, EVP Animal Proteins at Cargill in the USA, the leading global food company, and CEO of Provimi in the Netherlands, the global leader in the animal feed industry. Prior to that, he held several executive roles at Unilever, the global consumer food company, over a period of 22 years. There he was located in the Netherlands, UK, Czech Republic and Slovakia. He also served as Managing Director of Philips Domestic Appliances and Personal Care.</p> <p><span class="colored-text">Education</span></p> <ul> <li>MS, Mechanical Engineering, Twente University<br /><br /></li> </ul> <p><span class="colored-text">Elected</span></p> <ul> <li>2019</li> </ul> <p><span class="colored-text">Holdings in Marel</span></p> <ul> <li>0</li> </ul>

Ann Elizabeth Savage

<h4><span class="subtitle" style="font-weight: 400;">Board director</span></h4> <p><span>Ann Savage previously served as Technical Director of Bakkavor Group. Her main responsibilities included food safety, health and safety management, manufacturing excellence and environmental management. She was also a member of the management board. 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 till 1999 and at Geest/Bakkavor for over 16 years. Savage is also a member of the Board of Governors for Boston College and a food safety consultant.</span></p> <p><span class="colored-text" style="font-weight: 400;">Education</span></p> <ul> <li style="font-weight: 400;"><span>Studied at the Open University</span></li> <li style="font-weight: 400;"><span>Post Graduate Diploma in Management Studies, Nottingham University</span><span style="font-weight: 400;"><br /></span></li> </ul> <p><span class="colored-text" style="font-weight: 400;">Elected</span></p> <ul> <li><span style="font-weight: 400;">2013</span><span style="font-weight: 400;"></span></li> </ul> <p><span class="colored-text" style="font-weight: 400;">Sub-committees</span></p> <ul> <li style="font-weight: 400;"><span>Remuneration Committee</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;">Chief executive officer</span></h4> <p><span>Árni Oddur Thórdarson took up his current position as Marel’s CEO in November 2013 after having been serving as Chairman of Marel’s Board of Directors from 2005. He co-founded Eyrir Invest in the year of 2000 and was the company's CEO until 2013. Thórdarson has extensive international global business experience and has served as non-executive director of various companies, including Fokker Technologies and Stork Technical Services.</span></p> <p><span class="colored-text" style="font-weight: 400;">Education</span></p> <ul> <li style="font-weight: 400;"><span>MBA, IMD, Switzerland</span></li> <li style="font-weight: 400;"><span>Cand. Oecon., Business Administration, University of Iceland</span><span style="font-weight: 400;"><br /></span></li> </ul> <p><span class="colored-text" style="font-weight: 400;">Holdings in Marel</span></p> <ul> <li><span>131,869 shares</span></li> </ul> <p><span><span class="colored-text" style="font-weight: 400;">Other holdings</span></span></p> <ul> <li>17.9% of total outstanding shares in Eyrir Invest, Marel's largest shareholder <br />(Eyrir Invest holds 27.9% of total shares in Marel)</li> </ul>

Linda Jónsdóttir

<h4><span class="subtitle" style="font-weight: 400;">Chief Financial Officer</span></h4> <p><span>Linda Jónsdóttir has been Marel's CFO since 2014 and before that 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 director of the Icelandic Enterprise Investment Fund from 2010 to 2015.</span></p> <p><span class="colored-text" style="font-weight: 400;">Education</span></p> <ul> <li style="font-weight: 400;"><span>MS, Finance, Reykjavik University</span></li> <li style="font-weight: 400;"><span>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>182,500 shares</span></li> </ul> <p> </p>

Árni Sigurdsson

<h4><span class="subtitle" style="font-weight: 400;">Executive Vice-President of strategy and development</span></h4> <p><span>Árni Sigurdsson has a broad background in the finance and investment management industry. Before joining Marel in 2014, he was an associate at AGC Partners investment bank. Prior to that, Sigurdsson 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>MBA, Harvard Business School</span></li> <li style="font-weight: 400;"><span>BS, Industrial Engineering, University of Iceland</span><span style="font-weight: 400;"><br /></span></li> </ul> <p><span class="colored-text" style="font-weight: 400;">Holdings in Marel</span></p> <ul> <li><span>100,000 shares</span></li> </ul>

Jesper Hjortshøj

<h4><span class="subtitle" style="font-weight: 400;">Managing Director (EVP) of Marel Further Processing</span></h4> <p><span>Jesper Hjortshøj joined the Executive Team in February 2017, but has been with Marel since 2006, serving in a number of different positions within the company. His broad experience in the food industry prior to that include that of manager of Marketing, Product Center 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>MBA, Aarhus University</span></li> <li style="font-weight: 400;"><span>MA, Communication and Media Studies, Aarhus University</span><span style="font-weight: 400;"><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>

Sigurdur Ólason

<h4><span class="subtitle" style="font-weight: 400;">Managing Director (EVP) of Marel Fish</span></h4> <p><span>Sigurdur Ólason took up his current position in 2014. Ólason has extensive international experience in the seafood industry and worked in product development at Marel from 2001 to 2006. Before rejoining Marel in 2014, Ólason was Director of Business Development at Samherji, one of Iceland’s leading seafood companies.</span></p> <p><span class="colored-text" style="font-weight: 400;">Education</span></p> <ul> <li style="font-weight: 400;"><span>MBA, Brisbane Graduate School of Business</span></li> <li style="font-weight: 400;"><span>BS, Computer Science, University of Iceland</span></li> <li style="font-weight: 400;"><span>BS, Mechanical Industrial Engineering, University of Iceland</span><span style="font-weight: 400;"><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>

Anton de Weerd

<h4><span class="subtitle" style="font-weight: 400;">Managing Director (EVP) of Marel Poultry</span></h4> <p><span>Anton De Weerd began in his current position 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, De Weerd has served in various sales and marketing positions, including as Commercial Director, Managing Director and as 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;"><span>BS, Mechanical Engineering, Avans University</span><br /></span></li> </ul> <p><span class="colored-text" style="font-weight: 400;">Holdings in Marel</span></p> <ul> <li><span>120,000 shares</span></li> </ul>

David Wilson

<h4><span class="subtitle" style="font-weight: 400;">Managing Direct (EVP) of Marel Meat</span></h4> <p><span>Following decades of experience in the food industry, David Wilson began in his current position in 2012. He has been with Marel and its predecessors since 1998. Wilson was Senior Vice-President for the Marel Poultry Industry Center in Gainesville until 2012. Prior to that, he served as Vice-President of Sales and Marketing and 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>MS, Animal Science, Aberdeen University</span></li> <li style="font-weight: 400;"><span>BS (Hons), Agricultural and Business Management, Aberdeen University</span><span style="font-weight: 400;"><br /></span></li> </ul> <p><span class="colored-text" style="font-weight: 400;">Holdings in Marel</span></p> <ul> <li><span>87,367 shares</span></li> </ul>

Folkert Bölger

<h4><span class="subtitle" style="font-weight: 400;">Executive Vice-President of global supply chain</span></h4> <p><span>Folkert 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>MSc, Mechanical Engineering, Delft University of Technology</span></li> </ul> <p><span class="colored-text" style="font-weight: 400;">Holdings in Marel</span></p> <ul> <li><span>17,862 shares</span></li> </ul>

Einar Einarsson

<h4><span class="subtitle">EXECUTIVE VICE-PRESIDENT OF GLOBAL MARKETS</span></h4> <p><span>Einar Einarsson 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 in Marel as a Sales Engineer, Area Sales Manager, and Product Manager. Einarsson was Managing Director of Alpan Ltd., Iceland, a manufacturer of high quality cast aluminum cookware, from 1998-2002.</span></p> <p><span class="colored-text">Education</span></p> <ul> <li><span>BSc, Mechanical Engineering, University of Iceland</span></li> <li><span>Diplom-Ingenieur, Mechanical Engineering, University of Karlsruhe</span></li> </ul> <p><br /><span class="colored-text">Holdings in Marel</span></p> <ul> <li><span>524,272 shares</span></li> </ul>

Vidar Erlingsson

<h4><span class="subtitle" style="font-weight: 400;">Executive Vice-President of innovation</span></h4> <p><span>Vidar Erlingsson took up his current post in 2014. He has been with the Marel innovation team since 2000 and has held various positions within the company. In 2010, he became leader of Product Center Inspection. Erlingsson has been instrumental in developing new technologies within Marel and transforming them into commercial successes.</span></p> <p><span class="colored-text" style="font-weight: 400;">Education</span></p> <ul> <li style="font-weight: 400;"><span>MSc, Engineering, DTU in Denmark</span></li> <li style="font-weight: 400;"><span>BSc, Electrical and Computer Engineering, University of Iceland</span><span style="font-weight: 400;"><br /></span></li> </ul> <p><span class="colored-text" style="font-weight: 400;">Holdings in Marel</span></p> <ul> <li><span>89,000 shares</span></li> </ul>

Ulrika Lindberg

<h4><span class="subtitle">EXECUTIVE VICE-PRESIDENT OF SERVICE</span></h4> <p><span>Ulrika Lindberg joined Marel in 2018. She has extensive managerial experience in senior sales and service positions at large international organizations. Before joining Marel she was Vice President of Global Service at Alfa Laval and has held various management positions worldwide for Alfa Laval and Tetra Pak.</span></p> <p><span class="colored-text">Education</span></p> <ul> <li><span>BSc, Business and Administration, University of Lund</span></li> </ul> <p><span class="colored-text">Holdings in Marel</span></p> <ul> <li>0</li> </ul> <p> </p>

Davíd Freyr Oddsson

<h4><span class="subtitle" style="font-weight: 400;">Executive Vice-President of human resources</span></h4> <p><span>Davíd Freyr Oddsson began in his current role in 2013. He joined Marel in 2011 as HR Director of the company’s International Sales and Service Network. Before joining Marel, Oddsson was Global Head of Human Resources and Corporate Services at Straumur Investment Bank from 2006 till 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>MBA, Reykjavik University</span></li> <li style="font-weight: 400;"><span>Cand. Theologius, University of Iceland</span><span style="font-weight: 400;"><br /></span></li> </ul> <p><span class="colored-text" style="font-weight: 400;">Holdings in Marel</span></p> <ul> <li><span>135,000 shares</span></li> </ul> <p> </p>