Landsvirkjun chair says departing CEO had board’s full trust

The chair of Landsvirkjun’s board says departing chief executive Hörður Arnarson had the board’s full trust, despite feeling otherwise. Brynja Baldursdóttir told mbl.is that disagreements concerned working methods between the board and CEO, not the company’s strategy or operations.

Hörður discussed his departure in an interview on Kastljós on Thursday evening, saying he had felt he lacked the trust a CEO needed from the board. He announced in early October that he was leaving, but had not previously spoken publicly about it.

Brynja said changes to the board’s working methods were not a sign of distrust. She described Hörður as an exceptionally capable and experienced CEO who had led Landsvirkjun successfully.

The new board had focused on clear organisation and division of responsibilities in line with good governance, Brynja said. She denied that the disagreement involved the information Hörður provided to the board.

“The company’s strategy and the CEO’s responsibility for its operations are completely unchanged,” she said, adding that changes in working methods could take some getting used to after a long time in the role. She declined to provide more detail about the changes.

Brynja said Hörður’s decision to leave had some lead-up, but the board had been united in trusting him to run Landsvirkjun. She said the disagreement was about form rather than substance, and that the company and Hörður were parting on good terms.