New Board of Directors appointed for Íslandsbanki

  • ISB Holding ehf. owned by Glitnir banki hf., which holds a 95% share in the bank, appoints six highly experienced individuals to the Board
  • The Icelandic State Banking Agency, as holder of a 5% share, appoints one member based on nominations by a selection committee
  • Mr. Fridrik Sophusson, former CEO of Landsvirkjun and former Minister of Finance elected chairman at shareholders' meeting
  • Among members are four overseas experts in the field of banking and finance

A new Board of Directors has been appointed for Íslandsbanki. Six members out of the seven are appointed by ISB Holding ehf. owned by Glitnir banki hf. which holds a 95% share in the bank. The Icelandic State Banking Agency (ISBA) appoints one member based on nominations from a selection committee.

Glitnir Bank's Resolution Committee, on behalf of its creditors, decided on 15 October 2009 to acquire a 95% share in Íslandsbanki with the Icelandic government holding the remaining 5% of shares. The new Members of the Board all have comprehensive experience in business, financial markets and management.

At a shareholders' meeting held on 25 January 2010 Mr. Fridrik Sophusson, former Minister of Finance and former CEO of Landsvirkjun hf., was elected chairman. The company's articles of association stipulate that a shareholders' meeting elects the chairman directly.

The following six people have been appointed on behalf of ISB Holding hf., owned by Glitnir bank hf.:

Mr. Neil Graeme Brown
Neil Graeme Brown, a British national, has extensive experience of finance and restructuring of international businesses. Among positions held by Mr. Brown are head of buyouts and financial services at Apax Partners and partner at Coopers & Lybrand (now PwC). Mr. Brown has 20 years of experience in international private equity and is an expert in US and European M&A markets. Furthermore, he has listed companies on the London, AIM and Nasdaq markets. Mr. Brown has served and serves as a board member for a number of international companies.

Mr. Brown holds a M.A. degree in business from Emmanuel College Cambridge and is an associate of the Institute of Chartered Accountants (ACA).

Mr. John E. Mack
John E. Mack, a US national, has many years' experience in international banking and M&A. Moreover he has thorough knowledge of the development of best-practice corporate governance. He was Corporate Executive Officer and CFO of Shinsei Bank in Tokyo from 2002 - 2005 where he managed the Bank's Global IPO. Prior to that, he spent 27 years working for Bank of America (BoA) and its affiliates, most recently as a funding executive for the Parent Company. John Mack has specific experience in corporate work-outs and problem loans through his former role as director of Strategic Solutions, Inc., a majority-owned subsidiary of BoA.

Mr. Mack holds an MBA from the University of Virginia, Darden School of Business and an undergraduate degree in Economics from Davidson College.

Mr. Raymond J. Quinlan
Raymond J. Quinlan, a US national, has a wide ranging career in financial markets. Mr. Quinlan worked for Citigroup, Inc. and its subsidiaries for over three decades where he variously served as manager, chairman and CEO at among others their retail financial services business in North America, M&A execution for all Citigroup businesses, the International Cards Division, the Global Transaction Service Group as well as Analytics for the Global Corporate Bank.

Ray Quinlan holds M.Phil. and Ph.D. degrees in Economics from the Graduate School and University Center of the City University of New York, as well as MBA degrees from both the Columbia University Graduate School of Business and the New York University, Stern School of Business.

Mr. Fridrik Sophusson
Fridrik Sophusson has nearly forty years' wide-ranging experience in fiscal policy making, management and public service in Iceland. He was Managing Director of the Icelandic Management Association from 1972 - 1978 when he was elected to Parliament where he served as an MP for a period of twenty years from 1978 to 1998. During his stretch as an MP he moreover held the position of Minister of Industry and Energy 1987 - 1988 and Minister of Finance from 1991 - 1998. Mr. Sophusson was appointed the CEO of Landsvirkjun ltd., The National Power Company, in 1999 and held that position for almost 11 years, resigning in 2009. Among companies he has served as board member is Landsbanki from 1990 - 1992, Pharmaco (later Actavis), Enex - a renewable energy solution company, Samorka - the Icelandic Energy and Utilities Association, Nordel -Nordic Transmission System Operators, Eurelectric - Union of the European Electricity Industry, and the Icelandic Chamber of Commerce.

Mr. Sophusson holds a Cand. Jur. degree in Law from the University of Iceland.

Ms. Marianne Økland
Marianne Økland, a Norwegian national, currently holds the position of Managing Director of Avista Partners, a London based consulting firm specialising in advisory and capital raising. Ms. Økland has spent most of her career in banking dealing with debt financing in various positions at JP Morgan and Union Bank of Switzerland (UBS). She worked for their Capital Market division focusing on Nordic Debt Origination and Structuring. Ms. Økland is also familiar with the consulting business from her work at Marsoft Limited, a Boston, Oslo and London based consulting firm specialising in shipping investments.

Ms. Økland holds a M.Sc. degree in Finance and Economics from the Norwegian School of Economics and Business Administration where she worked as a researcher and taught mathematics and statistics.

Mr. Árni Tómasson
Árni Tómasson began his work in accounting in 1979 and has worked in bank and financial institution auditing since 1985. He was partner and later chairman of Deloitte ltd. In Iceland until 2001. He has served as president of the Institute of State Authorized Public Accountants in Iceland (FLE) and held the same post for the Nordic Association of Accountants (NFR). Mr. Tómasson has a combined over 20 years of experience in teaching at Reykjavik University and the University of Iceland and has been chairman of the examination committee for the FLE for the past 6 years. Mr. Tómasson was CEO of Bunadarbankinn (later merged with Kaupthing) from 2001 - 2003 and has since worked as an independent consultant. Mr. Tómasson was appointed chairman of Glitnir‘s Resolution Committee in October 2008 and has led the committee‘s work and the creditors‘ negotiations with the Icelandic government since that time.

Árni Tómasson has a Cand. oecon. degree in Business Administration from the University of Iceland and is a state authorized public accountant.

Member appointed by the Icelandic State Banking Agency:

Ms. Martha Eiríksdóttir
Martha Eiríksdóttir is an independent project manager. She worked as executive director of relationship management and marketing for Landsnet ltd. from 2003 - 2009. In 2001 - 2003 Ms. Eiríksdottir was executive director of sales and marketing for Islandssimi ltd. During 1994 - 2000 she was dept. manager at Europay Int‘l in Belgium and had prior to that worked as marketing director for Kreditkort ltd (Icelandic Europay) Ms. Eiríksdottir was executive director of marketing for the Icelandic Fisheries Bank from 1988 - 1990. She was appointed to the Board of Directors of Íslandsbanki in February 2009 and is the current vice-chairman of the Board. She was chairman of the board of Kreditkort 2008-2009 and has been a member of the board of Icelandair Group since 2006.

Martha Eiríksdottir has a Cand.oceon. degree in Business Administration from the University of Iceland and a B.Ed. degree from the Icelandic College of Education.

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