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

Chairman of the Board of Directors, Asthildur Margret Otharsdottir resides in Iceland. Ms. Otharsdottir, born in 1968, became a Board Member in 2010 and Chairman in 2013. She is an independent consultant and a Board Member at Icelandair Group hf., Chairman of Frumtak Ventures, Council Member at the University of Iceland and Board Member at the Court of Arbitration of the Icelandic Chamber of Commerce.

Ms. Otharsdottir has prior work and business experience including Global Director of Corporate Development and Treasury at Össur hf. (2006-2010), Senior Account Manager at Kaupthing Bank hf., now Arion bank (2004-2006), and Consultant at Accenture (1996-2000). She has an MBA degree from the Rotterdam School of Management, The Netherlands, and a Cand. Oecon. degree from the University of Iceland. Ms. Otharsdottir and financially related parties hold 32,000 shares in the Company, but no share options. She has no interest links with the Company’s main clients, competitors or major shareholders.


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

Member of the Board of Directors since 2001, Arnar Thor Masson currently resides in London. Mr. Masson, born in 1971, is the Alternate Director on the Board of Directors at the European Bank for Reconstruction and Development (EBRD) in London. He was prior the Director General of the Department of Administrative Development at the Prime Minister’s Office and the Deputy Director General of the Financial Management Department at the Ministry of Finance, as well as Adjunct lecturer at the Department of Political Science at the University of Iceland.

Mr. Masson does not sit on the Board of Directors of any other company than Marel and EBRD. In the past he has been a member of the boards of Hjaltadalur Heating Utility, the Weights and Measures Office and the Institute of Public Administration and Politics at the University of Iceland. He has a M.Sc. degree in Comparative Politics from London School of Economics and Political Science, BA degree in Political Science from the University of Iceland and studied securities brokerages at the University of Reykjavik. Mr. Masson neither holds shares nor share options in the Company. He has no interest links with the Company’s main clients, competitors or major shareholders.


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

Member of the Board of Directors since 2013, Ann Elizabeth Savage resides in the United Kingdom. Ms. Savage, born in 1957, was formerly the Group Technical Director of Bakkavör Group and a member of its Member of Management Board. She was mainly responsible for Food Safety, Health and Safety management, Manufacturing Excellence and Environmental management at Bakkavör.

Ms. Savage has played variety of roles during her career, with over 35 years’ experience in technical and research and development departments and manufacturing within the retail and food industry, more specifically for Cooperative Wholesale Society (CWS) Northern Foods (1990-1999) and Bakkavör, formerly Geest, (1999 to 2017). Currently, she does not sit on the Board of Directors of any other company. Ms. Savage studied at the Open University and holds Post Graduate Diploma in Management Studies from Nottingham University. Ms. Savage neither holds shares nor share options in the Company. She has no interest links with the Company’s main clients, competitors or major shareholders.


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

Member of the Board since 2014, Astvaldur Johannsson currently resides in Iceland. Mr. Johannsson, born in 1961, is a Business Development Director at Controlant, a cloud based software service solutions provider, monitoring and improving the supply chain, focusing on the Food- and Pharmaceuticals Industries. Previously he has held various senior international management positions for Össur hf., the Global noninvasive Orthopedics Corporation and as an Executive Director within the financial sector, leading the International Division of Valitor hf., eCommerce payment solutions- and services provider.

Before he served as a member of the Executive Team of the IT company Nyherji hf. (now as Origo, previously IBM Iceland), as a Sales- and Marketing Director at Penninn, bookshop- and office service retail chain and as a System Analyst Expert within the IT sector focusing on Process Design and Development. He has a degree in Management Information Systems from Heriot-Watt University in Edinburgh, Scotland and a MBA from the University of Iceland. Mr. Johannsson neither holds shares nor share options in the Company.


Mr. Helgi Magnusson

  • Education: Business Administration, University of Iceland, 1974; CPA, 1975
  • Elected: 2005
  • Holdings in Marel, including those of financially related parties: 2,779,044

Member of the Board of Directors since 2005, Helgi Magnusson resides in Iceland. Mr. Magnusson, born in 1949, is a member of the Board of Directors of various Icelandic companies and organisations. He is Chairman of the Board of Directors of Blue Lagoon hf. He is also Chairman of the Board of Directors of Húsasmidjan ehf., Hofgardar ehf., Varðberg ehf. and Eignarhaldsfélag Hörpu ehf. He is a member of the Board of Directors of N1 hf., Íþrótta- og sýningahöllin hf., Hreyfing ehf. and Íslenskar heilsulindir hf.

Mr. Magnusson was previously the Chairman of the Federation of Icelandic Industries, and was a member of the Board and the Executive Board of the Confederation of Icelandic Enterprises. He was also a member of the board of Pension Fund of Commerce, Iceland Chamber of Commerce and Board Member of Íslandsbanki 1997-2005. In the years 1992-2005 he was the Managing Director of Harpa and Harpa Sjöfn paint factory. Mr. Magnusson has a Cand. Oecon. degree in Business Administration from the University of Iceland and is a Certified Public Accountant. He and financially related parties hold 2,779,044 shares in the Company, but holds no share options. Mr. Magnusson has no interest links with the Company’s main clients, competitors or major shareholders.


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: 195,113

Member of the Board of Directors, Margret Jonsdottir resides in Iceland. Ms. Jonsdottir, born in 1954, became a Board Member in 2006. She is the Managing Director of Operations of Eyrir Invest hf. Currently, she also sits on the Board of Directors of Eyrir sprotar GP ehf. Prior to joining Eyrir Invest, Ms. Jonsdottir was the Director of Finance at Edda Publishing hf. (December 2001-October 2002), Director of Finance at Kredit-kort hf. (August 2000-December 2001), and Manager of Finance at Fjárfestingarbanki Atvinnulífsins hf. (January 1998-June 2000) and its predecessor Iðnlánasjóður (September 1988-December 1997).

Ms. Jonsdottir has a M.Sc. degree in Accounting and Auditing from the University of Iceland, and a Cand. Oecon degree in Business Administration from the University of Iceland. Ms. Jonsdottir and related parties hold 195,113 shares in the Company, but holds no share options. She is nominated as Director by Eyrir Invest hf., the Company’s largest shareholder. She has no interest links with the Company’s main clients or competitors.


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

Member of the Board of Directors since 2014, Olafur S. Gudmundsson resides in the US. Dr Gudmundsson, born in 1969, is Head of Pharmaceutics and Analytical Sciences at the Bristol-Myers Squibb Company, a global biopharmaceutical company. Previously he has held various senior level management positions within the pharmaceutical industry both for Bristol-Myers Squibb and Genentech Inc. Dr Gudmundsson is an active investor within the area of pharmaceutics and biotechnology and has sat on the board of several biotech and pharmaceutical companies.

Dr Gudmundsson holds a doctorate degree in Pharmaceutical Chemistry from The University of Kansas and a Pharmacy degree from The University of Iceland. He and financially related parties hold 1,705,427 shares in the Company, but holds no share options. He is nominated as Director by Eyrir Invest hf., the Company’s largest shareholder. He has no interest links with the Company’s main clients or competitors.


Holdings as of December 31, 2016

See also:

Rules of Procedure