- After heading Eyrir Invest for 23 years, Þórður Magnússon has decided not to seek re-election to the Board of Directors at the upcoming Annual General Meeting (AGM) on May 10th
- The Board of Directors proposes that the AGM elects Friðrik Jóhannsson and Elín Sigfúsdóttir as new directors to the Board of Directors
- In addition, the Board of Directors proposes the AGM re-elect Hrund Gunnsteinsdóttir, Ólafur Steinn Guðmundsson and Stefán Árni Auðólfsson to the Board of Directors
- Signý Sif Sigurðardóttir has been appointed as Eyrir Invest’s CEO, and Herdís Dröfn Fjeldsted was recently appointed Chairman of the Board of Eyrir Venture Management, which manages Eyrir Invest’s startup and growth funds
Eyrir Invest’s Annual General Meeting will be on May 10th, 2023. In the notice of the AGM to shareholders, the company’s Board proposes, based on the candidacy, that Friðrik Jóhannsson and Elín Sigfúsdóttir will be elected to the Board, replacing Þórður Magnússon and Kristín Pétursdóttir, who will not be seeking re-election.
In addition to Friðrik and Elín, the Board proposes that Hrund Gunnsteinsdóttir, Ólafur Steinn Guðmundsson, and Stefán Árni Auðólfsson continue as Board Directors, as they have extensive experience in management and governance and have been serving on the Board of Eyrir Invest for the past years. The new Board of Directors will allocate responsibilities, and Friðrik has the Board’s support to replace Þórður as Chairman.
These changes ensure diverse capabilities, knowledge, and experience within Eyrir Invest’s Board of Directors. Friðrik Jóhannsson has worked in asset management, insurance operations, and investment banking. He has served on over 30 boards, including Marel, Eimskip and the Icelandic Stock Exchange. Elín Sigfúsdóttir has served as an executive director for the corporate banking division of Landsbankinn and later as the CEO, as well as serving on a number of boards, including for Búnaðarbanki Bank.
Þórður Magnússon has been the Chairman of Eyrir Invest for 23 years and is the company’s largest individual shareholder. He will continue serving on the boards of various companies and supporting the startup environment. Þórður has also decided not to continue as Eyrir Venture Management and its funds’ Chairman.
Supports various companies
Eyrir Invest is an investment company owned by institutional investors and individuals of high net worth. Eyrir is the largest shareholder in Marel and has led the company to grow in the last two decades. Eyrir was also the largest domestic shareholder in Össur from 2004 to 2011. During Eyrir Invest ownership, the activities of these companies grew enormously, their operational basis strengthened, their income streams increased, and research and development work intensified.
In addition, Eyrir Invest also holds, along with pension funds and other institutional investors as co-shareholders, a significant stake in Eyrir Sprotar and Eyrir Vöxtur. Eyrir Invest is the sole shareholder of Eyrir Ventures. All these funds participate in several companies of different sizes in the Icelandic economy.
New leadership
Eyrir Venture Management, where Herdís Dröfn Fjeldsted was recently appointed Chairman of the Board, manages the startup and venture funds. She has extensive experience in Iceland’s business sector, leading The Icelandic Enterprise Investment Fund and serving as Chairman of the Board of Valitor and as CEO. She was the Chairman of the Board of VÍS, Promens and Icelandic Group and Deputy Chairman of Arion Bank.
Eyrir Invest is further streamlining its organization and simplifying the structure of the company and related companies. Signý Sif Sigurðardóttir has been appointed as CEO. Two managing directors previously led the company. Margrét Jónsdóttir, the Managing Director of Operations, has decided to leave the company after 19 successful years. Signý Sif started working for Eyrir Invest in 2021 as Managing Director of Funding. Previously, she was Head of Treasury at Landsvirkjun.
Þórður Magnússon, Eyrir Invest’s outgoing Chairman
“After co-founding Eyrir Invest with Árni Oddur and leading the company for 23 exciting years, I believe now is the right time for changes; for me to give way to highly qualified people dedicated to leading the company into the future. In recent years, I have primarily considered myself to be in the role of a mentor to support the excellent people at Eyrir and related companies. I am confident they can take over and assume even more responsibility. I will continue serving as a board member in exciting companies and hopefully will be able to continue supporting startups and the people of the future. Then, of course, life has much to offer, and my wife and I also want to pursue other interests while we are lucky enough to be in good health and have the opportunity to do so. Therefore, I look forward to enjoying the future and, as a shareholder, watching the growth of Eyrir, Marel and the companies we are so proud to be a part of.”
About Eyrir Invest:
Eyrir Invest was founded in 2000. Eyrir Invest hf. is a privately held investment company owned by institutional investors and high-net-worth individuals. It has led several Icelandic companies to growth, including Marel and Össur.
Eyrir is the largest shareholder in Marel hf., a leading stakeholder in Eyrir Sprotar and Eyrir Vöxtur, and the sole shareholder in Eyrir Ventures. These funds invest in startup and growth companies and are managed by Eyrir Invest’s subsidiary, Eyrir Venture Management. Eyrir Invest’s largest shareholders are Þórður Magnússon (20,7%), Árni Oddur Þórðarson (18,1%), Landsbankinn (14,2%), LSR – the Pension Fund for Icelandic State Employees, B-division (11,6%) and The Pension Fund of Commerce (11,3%). Eyrir holds a 24,7% share in Marel and has supported the growth of Marel since 2004. During that time, the average annual growth has been over 20%. Eyrir was the most significant domestic investor in Össur and supported the company during a period of substantial growth from 2004-2011, when Eyrir sold its shares in the company. Among companies in the portfolio managed by Eyrir Venture Management are Sæbýli, Saga Natura, Atmonia and CRI.
Eyrir Invest and its companies have grown rapidly in the last 23 years. At the beginning of 2022, the equity ratio was 76.3%. However, following the Russian invasion of Ukraine, rising interest rates and global supply chain difficulties, the stock markets fell significantly last year, affecting domestic and international companies. Marel’s share price fell by 44% in 2022, negatively impacting Eyrir Invest’s performance. Still, Marel’s share price has risen again since the beginning of the year, and the company has presented its strategy until 2026 for solid growth and good profitability.
About Þórður Magnússon:
Þórður Magnússon co-founded Eyrir Invest with his son Árni Oddur Þórðarson in the year 2000 and has led the company since. Before that, he was the Chief Financial Officer at Eimskip for over 20 years, during significant changes in the Icelandic business environment. He was a part-time teacher at the Department of Business Administration at the University of Iceland and has served on the boards of numerous companies of different sizes. In 2021 Þórður was awarded the honorary Icelandic Business Award by Innherji Business Journal and 1881 Charity.
For further information, please contact:
Signý Sif Sigurðardóttir
Mobile: +354 825 6783
E-mail: signy@eyrir.is
