Sector News

Icelandic Group to sell Spanish unit, CEO stepping down

May 19, 2016
Consumer Packaged Goods

Icelandic Group’s pension fund owner is to kick off a sales process of Icelandic Iberica, its Spanish business, a company executive confirmed to Undercurrent News.

Meanwhile, Arni Geir Palsson is to stand down as CEO, with the company’s structure changing to reflect the plan to divest the Spanish business, Simon Smith, who’s title will shift from managing director of UK-based Icelandic Seachill, to CEO, told Undercurrent.

Islandsbanki is to run the sale process for owner Enterprise Investment Fund (Framtakssjodur Islands, or FSI in Icelandic).

With the CEO role going, Smith; Frank Tierenteyn, managing director for Belgium-based Icelandic Gadus; and Thorsteinn Magnusson, managing director of fresh fish plant Icelandic Ny-Fiskur, will report directly to FSI as a result, Smith said.

With the plan to sell Icelandic Iberica, “we are moving away from a group structure”, said Smith. “So, the roles of group CEO and CFO no longer exist.”

Palsson will have an advisory role to the board, “for as long as is required”.

Johann Gunnar Johannsson, who was CFO, will also be retained in an advisory role, Smith said.

There are not sales processes starting for the remaining parts of the business: Grimsby, UK-based Seachill, Gadus, and Ny-Fiskur, he said. “It’s business as usual for the rest of the company. There is only a sales process running for Spain.”

By Tom Seaman

Source: Undercurrent News

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