Hörður to step down as CEO

Hörður Arnarson has decided to step down as CEO of Landsvirkjun. Hörður took the helm of the company in late 2009, in the midst of Iceland’s financial crisis, and during his 17 years in the role both Landsvirkjun’s operations and the Icelandic electricity market have undergone major changes.

Hörður has led the company through a period of significant transformation, including the renegotiation of agreements with major customers, the construction of four new power stations and a substantial reduction in debt. As a result, Landsvirkjun now contributes tens of billions of Icelandic krónur to the nation each year through taxes and dividends.

“I am stepping down after seventeen years with a great sense of satisfaction and pride. Above all, I would like to thank everyone who has contributed to the strong results we have achieved for Landsvirkjun and Icelandic society – not least the company’s employees. I am very pleased to be leaving Landsvirkjun in such a strong position,” says Hörður.

Brynja Baldursdóttir, Chair of the Board of Landsvirkjun, says the Board is first and foremost grateful to Hörður as he prepares to step down:

“On behalf of the Board of Landsvirkjun, I would like to express our sincere thanks to Hörður for his invaluable contribution to the company over the past seventeen years. He took the helm at a challenging time and has since led Landsvirkjun with determination and foresight through major changes and significant development.

“The results speak for themselves. The nation’s energy company stands on solid foundations today and is well equipped to take on the challenges of the future. We are deeply grateful to Hörður for our years of working together and wish him and his family all the very best in the years ahead.”

Hörður will remain in his role until the end of October. Kristín Linda Árnadóttir, Deputy CEO of Landsvirkjun, will serve as acting CEO from 1 November until a new CEO has been appointed.