Board of Directors and Executive Board


The Board of Directors is ultimately responsible for the Bank's operation and strategy and for the Bank’s activities as provided for by law, regulations, its Articles of Association and other rules relevant to the company's operations. The Bank's operations are divided into six divisions, three business units and three support units.

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Board of Directors

The Board of Directors is ultimately responsible for the Bank’s activities as provided for by law, regulations and its Articles of Association. The Board of Directors formulates the Bank’s general strategy and is to ensure that the Bank’s organisation and activities are adequate and effective at all times. The Board of Directors also monitors the Bank’s general activities and ensures that control of accounting and financial management is satisfactory.

Helga Björk Eiríksdóttir, Chairman of the Board of Directors

Helga Björk Eiríksdóttir is Managing Director of Integrum, a company that operates in the field of real estate development and provides advisory service. Previously, she handled public relations for Marel and chaired the Board of Directors of Sparisjóður Svarfdæla. In 2009 and 2010, she handled PR for the Resolution Committee and Winding-up Board of Kaupthing hf. Helga Björk was marketing and PR manager of Nasdaq OMX Iceland for an 8-year period.

Helga Björk holds an MBA from the University of Edinbourgh. She graduated from the University of Iceland in 1997 with a BA degree in English and Italian and completed a degree in journalism from the same institution in 1999. Helga Björk completed a degree in marketing and export management from the Department of Continuing Education at the University of Iceland in 2002 and has studied brokerage at the University of Reykjavík. She worked as an independent consultant in 2010-2012.

Magnús Pétursson, Vice-chairman

Magnús completed a BA Econ (Hons) from the University of York in England in 1971. He studied economics and planning at a graduate level at the University of London and Umeå University in Sweden in 1973-1976. Magnús has held various positions of authority and sat on numerous committees and counsels. Magnús worked as office manager of the Budget and Public Finances Institution in 1976-1981 and as fiscal manager at the Institution in 1981-1988. He was a consultant and assistant managing director of the Nordic desk at the International Monetary Fund in 1988-1990. In 1991-1998, he was Permanent Under-secretary of the Ministry of Finance. He was CEO of the National and Reykjavík Hospital and continued on as CEO of the merged hospital, Landspítali National University Hospital in 1998-2008. Magnús was the Icelandic State Conciliation and Mediation Officer in 2008-2015.

Berglind Svavarsdóttir

Berglind Svavarsdóttir is a Supreme Court Attorney and partner at Lögfræðistofa Reykjavíkur. Berglind graduated with a degree in law from the University of Iceland in 1989. Berglind holds a diploma in general management from the University of Akureyri. She worked at the Directorate of Tax Investigations in Iceland in 1988-1989 and for the District Commissioner at Húsavík in 1990-1996. She was owner of a legal firm and real estate agency in 1996-2003, partner in Regula lögmannsstofa ehf. and partner in Acta lögmannsstofa until Acta merged with Lögfræðistofa Reykjavíkur. Berglind has held various positions of authority and sat on public committees.

Danielle Pamela Neben

Danielle Pamela Neben currently works as an independent consultant. She worked for HSBC, one of the largest banks worldwide, in 1993-2013 in seven countries including the UK, Germany, Taiwan and Singapore. She holds a degree in business administration with a major in finance from McGill University in Canada. Danielle sat on the executive board of HSBC Trinkaus & Burkhardt (Int.) SA in Luxembourg in 2012-2013 as Managing Director of Operations. Prior to that she held various positions of authority with HSBC.

Danielle resigned from the Board of Directors of Landsbankinn on 9 February 2017.

Einar Þór Harðarson

He has worked as partner and management consultant at Intellecta, focusing among other things on strategy formulation and change management, since 2001. After graduating in industrial engineering from the University of Iceland in 1987, he received a master's degree in production engineering from Oregon State University in the US in 1992. He also earned an MBA from the Norwegian School of Management in Oslo in 1997. From 1987 to 1989, Einar Þór was a project manager at Eimskip and 1989-1991 at the Icelandic Fisheries Laboratories. Since 1992, he has worked as a consultant, both in Iceland and in Norway. Einar has served as director for various Icelandic enterprises and associations, including on the board of Excellence Iceland and the Icelandic Performance Satisfaction Index.

Hersir Sigurgeirsson

Hersir Sigurgeirsson is Associate Professor of Finance in the Faculty of Business Administration of the University of Iceland and an independent consultant. Hersir graduated with a BSc degree in mathematics from the University of Iceland in 1995, then completed a master's degree in financial mathematics from Stanford University in 1999 and a doctorate in applied mathematics from the same university in 2001. He is also a certified securities broker. Hersir has extensive experience of work on financial markets. He worked for Saga Capital in Akureyri, first as managing director of risk management and operations. then as CEO. He also worked as a consultant for the World Bank in Washington 2013-2015. In recent years, Hersir has sat on the boards of various enterprises, served on committees and has been expert judicial advisor and court-appointed assessor in numerous court cases concerning valuations, taxation issues etc.

Jón Guðmann Pétursson

Jón Guðmann Pétursson graduated as cand. oecon. from the Faculty of Business Administration of the University of Iceland in 1982 and worked for the auditing firm Endurskoðunarskrifstofa Björns & Ara in 1982-83. Jón was CFO of the independent institutions of the Iceland Defence Force from 1984 to 1987, CFO of Hampiðjan 1987-2002 and CEO of that company 2002-2014. Jón has served on the boards of a large number of domestic and foreign companies, including the board of Hampiðjan in 2006-2014 and its subsidiaries in Denmark, Ireland, Lithuania and other countries. He has been a director of Royal Iceland since 2014, was a director of Iceland Seafood International 2009-2011, of Vaka 2002-2004, and of the Iceland Stock Exchange 1996-1999.

Alternate

Samúel Guðmundsson

Samúel Guðmundsson is currently managing director of Sjávarkaup hf., Food Diagnostic Ísland ehf. and S67 ehf. Samúel graduated with a cand.oecon. degree from the University of Iceland in 1991 and received an MBA from Reykjavík University in 2007. He has had a lengthy career with Olís hf. as head of finance in 1992-1995, managing director of the investment and risk management division in 1997-2006 and managing director of product management division in 2006-2013. Samúel was on the board of directors of the Distribution Cost Equalisation Fund in 2004-2014.

Samúel was elected as an alternate to the Board of Directors of Landsbankinn at a supplementary AGM on 22 April 2016.

Executive Board

The Bank's organisational structure includes six divisions: Personal Banking, Corporate Banking, Markets, Risk Management, Finance, and Operations & IT. The managing directors of the divisions, along with the CEO, comprise the Bank's Executive Board.

The Bank’s CEO is responsible for the Bank’s day-to-day operations and is authorised to take decisions on all questions not entrusted to others by law, the Bank’s Articles of Association or decisions by the Board of Directors.

Steinþór Pálsson stepped down as CEO of Landsbankinn on 30 November 2016. He had been CEO of the Bank since 1 June 2010.

Hreiðar Bjarnason, Managing Director of Finance, temporarily assumed the post of CEO when Steinþór quit. On 23 January 2017, it was announced that the Board of Directors had hired Lilja Björk Einarsdóttir as CEO of Landsbankinn. Lilja will take up the position on 15 March 2017.

Hreiðar Bjarnason, interim CEO and Managing Director of Finance

Hreiðar holds a degree in business administration from the University of Iceland and an MSc degree in finance from London Business School. He is a certified securities broker. Hreiðar came to work for Landsbanki Íslands hf. in 1998, first in Capital Markets and later in the Bank's Treasury division. He assumed the post of Managing Director of Markets and Treasury at Landsbankinn hf. early in 2010 and became Managing Director of Finance in August 2012.

Finance incorporates both business and support units in five departments: Treasury, Financial Administration, Economic Research, Legal, and Financial Reporting.

Lilja Björk Einarsdóttir, CEO of Landsbankinn as of 15 March 2017

Lilja is a mechanical and industrial engineer from the University of Iceland and holds an MSc in financial engineering from the University of Michigan, Ann Arbor. In 2008 to 2016, Lilja directed the operation, asset management and recovery of the assets of old Landsbanki Íslands, LBI ehf., in London. In 2005 to 2008, she worked as a specialist and later Managing Director at Landsbanki Íslands hf. in London, responsible for the daily operation and development of support functions, amongst other things.

Lilja previously worked for consulting firm Marsh & McLennan for such clients as the Ford Motor Company, as an expert in planning and creating risk models for the insurance and treasury departments.

Corporate Banking

The principal tasks of Corporate Banking include services for companies, local authorities and institutions. Landsbankinn's Corporate Banking Service Centre is part of its Corporate Banking division.

Árni Þór Þorbjörnsson is Managing Director of Corporate Banking.

A law graduate of the University of Iceland with a diploma in business operations and administration, Árni Þór received accreditation in Corporate Finance from the Securities & Invesment Institute in London in 2005.

He has worked for Landsbankinn since 1996, first on general legal tasks, advisory and court representation. Árni was head counsel of Corporate Banking at Landsbanki Íslands hf. until 2008, then took over as Managing Director of Corporate Banking upon the establishment of Landsbankinn hf.

Personal Banking

Personal Banking provides households and individuals with a full range of banking services and also provides basic banking service to small companies through the bank's branches and outlets throughout Iceland.

Helgi Teitur Helgason is Managing Director of Personal Banking.

After graduating from the Faculty of Law of the University of Iceland in 1998. Helgi began to work as a solicitor and subsequently as a barrister. After working for Landsbankinn in legal collection and advisory services he headed the establishment of Intrum and Lögheimtun in Akureyri in 2001.

After working as regional manager and attorney in North Iceland, in 2004 he took over as manager of Landsbankinn's Akureyri branch. Since 2010, he has been Managing Director of Personal Banking.

Markets

Markets is responsible for services linked to the sale and brokering of securities, market making, corporate finance and asset management.

Hrefna Ösp Sigfinnsdóttir is Managing Director of Markets.

A business graduate of the University of Iceland, Hrefna is also a certified securities broker. Before joining Landsbankinn in 2010 she worked as fund manager for Arev Securities from 2007, and as analyst and head of the listing division of the Iceland Stock Exchange from 1998 to 2006.

Prior to that Hrefna was head of Retail Banking at Fjárvangur and worked in the monetary policy department of the Central Bank of Iceland.

Risk Management

Risk Management is responsible for analysing and supervising risk in the Bank's operations. Risk Management also plays a key role in Landsbankinn's credit process.

Perla Ösp Ásgeirsdóttir is Managing Director of Risk Management.

A graduate of Reykjavík University with an MSc in Finance, Perla began working for Landsbankinn as head of Risk Management in 2010 and took over as Managing Director later that same year.

From 2005 to 2010 Perla worked for the Central Bank of Iceland. Her responsibilities at the Central Bank included monitoring financial undertakings and markets, as well as developing risk models for the Icelandic financial market. Perla worked for the Special Investigation Commission of the Icelandic parliament Althing in 2009.

Operations & IT

All the departments of Operations & IT share responsibility for the operation and development of Landsbankinn's infrastructure. 

Ragnhildur Geirsdóttir is Managing Director of Operations & IT.

A mechanical engineering graduate of the University of Iceland, Ragnhildur completed an MSc in industrial engineering from the University of Wisconsin in Madison in 1996 and an MSc in business administration from the same university in 1998. She joined Landsbankinn in 2012.

Ragnhildur was an analyst at the Icelandic Investment Bank (FBA) in 1998-1999, then held various positions in Icelandair's management team from 1999-2005, ending as CEO. She was CEO of Promens hf. 2006-2011.

Internal Audit

Internal Audit assesses the corporate governance, risk management and supervisory practices at Landsbankinn. Examinations by Internal Audit are intended, among other things, to provide reasonable assurance that the Bank is achieving its targets for efficiency, safeguarding assets, and reliability of information – and that it complies with laws and rules.

Kristín Baldursdóttir is Landsbankinn's Internal Auditor.

An economics graduate from the University of Iceland with an MPM degree from the same university, Kristín is a certified securities broker and has international accreditation as an Internal Auditor.

She began working in Landsbankinn's Internal Audit department in 2009, after 18 years at Íslandsbanki as customer relations manager, project manager and head of the bank's operations department.

Compliance

The role of Compliance is to provide Landsbankinn's employees with instruction and advice on the implementation of legislation and to limit as far as possible the Bank's compliance risk. Compliance is also responsible for measures to prevent money laundering and terrorist financing.

Þórður Örlygsson is Landsbankinn's Compliance Officer.

A law graduate of the University of Iceland, Þórður began work for Landsbankinn in 2004, initially as a debt resolution specialist, then took over as Compliance Officer in 2005.

Prior to that he had worked in Legal Advisory for Kaupthing Bank hf. and Búnaðarbanki Íslands hf.

Landsbankinn's Organisational Chart

Skipurit 2016