Landsvirkjun CEO steps down after 17 years

Hörður Arnarson is leaving his post as chief executive of Landsvirkjun, the country’s power company, after 17 years, mbl.is reported. He will remain in the role through October, with deputy chief executive Kristín Linda Árnadóttir taking over on an interim basis on 1 November.

Arnarson became chief executive in late 2009, following Iceland’s financial collapse. During his tenure, the company renegotiated contracts with major customers, built four new power plants and reduced its debt. It now pays tens of billions of Icelandic krónur in taxes and dividends each year.

“I leave both satisfied and proud after these 17 years,” Arnarson said in a statement. He thanked those who had contributed to the company’s results, especially its staff, and said he was pleased to leave it in a strong position.

Landsvirkjun board chair Brynja Baldursdóttir thanked Arnarson, saying he had taken over during a challenging period and led the company through major changes and development. The company has not said when a permanent replacement will be appointed.