Board of Directors and Executive Board


The Board of Directors is ultimately responsible for the Bank's operation and strategy and for ensuring that the Bank’s activities comply with laws, its Articles of Association and other rules relevant to its operation. The Bank's operation is 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 works in real estate development and consultancy and operates accommodation services in Akureyri. 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 Edinburgh. 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 1999. Helga Björk completed a degree in marketing and export management with the Department of Continuing Education at the University of Iceland in 2002 and has studied brokerage at the University of Reykjavík. Helga Björk was elected to the Board of Directors of Landsbankinn in April 2013 and has chaired the Board since 2016. She also chairs the Remuneration Committee.



Berglind Svavarsdóttir, Vice-chairman

Berglind Svavarsdóttir is a Supreme Court Attorney and partner of Lögfræðistofa Reykjavíkur. Berglind graduated with a degree in law from the University of Iceland in 1989. She received a management diploma from the University of Akureyri. In 1988-1989, she worked for the Directorate of Tax Investigations in Iceland and 1990-1996 for the District Commissioner in Húsavík. 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. Berglind was elected Director of Lögmannafélag Íslands in May 2018. Berglind was elected to the Board of Directors in April 2016 and is currently its Vice-chairman.



Einar Thór 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. Einar Thór was a project manager at Eimskip in 1987-1989 and at the Icelandic Fisheries Laboratories in 1989-1991. He has worked as a management adviser since 1992, both in Iceland and in Norway, for such companies as Accenture and Adcore Strategy. Einar Thór has served as director of the board for various Icelandic enterprises and associations, including on the board of Excellence Iceland and the Icelandic Performance Satisfaction Index. He is currently Chairman of the Board of Intellecta ehf. Einar Thór was elected to the Board of Directors in April 2016 and is Chairman of the Strategic Development Committee. 



Guðbrandur Sigurðsson

He is managing director of Borgarplast hf. Guðbrandur completed a BSc degree in food science in 1985 and an MBA from Edinburgh University in 1994. He worked for Íslenskar sjávarafurðir and its predecessors in 1985-1996 and was one of its managing directors when it was founded in 1991. He was managing director of ÚA and Brimir in 1996-2004. In 2005-2008 he was managing director of MS, managing director of Nýland ehf. in 2008-2010, and managing director of Plastprent ehf. in 2010-2012. He was later managing director of auditing firm PwC in Iceland between 2013-2016 and managing director of Heimavellir hf. in 2016 - 2019. He has served on the boards of numerous companies and associations, including BL hf., Hagar hf. and Reitir hf. He is currently a director of the board of Reykjavik Creamery ehf. and Talnakönnun hf. Guðbrandur was elected to the Board of Directors in April 2019.



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. Hersir was elected to the Board of Directors in April 2016 and is Chairman of the Risk Committee.



Sigríður Benediktsdóttir

Sigríður completed a BSc degree in economics from the University of Iceland and a BSc in computer science from the same institution in 1998. Sigríður was awarded her doctorate in economics from Yale in May 2005. In 1995-1997, Sigríður worked for the Institute of Economics of the University of Iceland and as project manager and consultant at Hugvit hf. in 1997-1998. She worked as an economist for the US Federal Reserve in 2005-2007. From 2007, Sigríður taught and held the post of Assistant Dean at the Yale School of Economics. During that time, she worked on research in financial economics, focusing on financial markets. Sigríður was appointed to the Icelandic Parliament's Special Investigation Commission into the failure of the banking system in 2008 and was a member of the Danish Systematic Risk Council in 2013-2016. She was managing director of the financial stability division of the Central Bank of Iceland in 2011-2016. Sigríður is a member of the financial administration board of the non-profit organisation New Haven Reads which was founded to increase literacy in underprivileged children. She has held many other confidentiality positions and authored numerous scholarly articles. She is currently active in research and teaching at Yale University in the US. Sigríður was elected to the Board of Directors in March 2017 and is Chairman of the Audit Committee.



Þorvaldur Jacobsen

Þorvaldur Jacobsen is managing director of Landsnet’s system administration division. He completed a degree in electrical engineering from the University of Iceland in 1987 and a degree in computer science from the same institution in 1988. He completed a master’s degree in electrical engineering from the University of Texas at Austin in 1990. Þorvaldur worked for Opin kerfi as a sales manager in 1990-1996 and as a sales and marketing manager of Teymi in 1996-1999. He became managing director of Vísir.is ehf. in 1999 and led that company until 2001. Þorvaldur worked for the Nýherji Group for several years, first as managing director of communications solutions in 2001-2005 and later as managing director of core solutions in 2005-2008. He acted as CEO of Dansupport A/S (a Nýherji subsidiary in Denmark) for a six-month period in 2007-2008, was a managing director at Skyggni 2009-2011, managing director at UAB Baltic IT Services 2010-2012 (a Nýherji subsidiary in Lithuania), and finally managing director of operating solutions at Nýherji in 2011-2012. Þorvaldur was managing director of development at VÍS in 2012-2017 and worked for Valcon Consulting A/S in management consultancy and change control in 2017-2019. He sits on the board of Sensa ehf., a subsidiary of Síminn, and has previously been a director of the boards of various companies, and non-profit organisations in his field. Þorvaldur was elected as alternate to the Board of Directors of Landsbankinn in March 2018 and became a regular member in April 2019. 



Alternates

Guðrún Ó. Blöndal

Guðrún Ó. Blöndal completed a cand.ocean. degree from the University of Iceland in 1990. Guðrún worked for Kaupthing in 1984-2002, first in asset management and later as marketing director, HR manager and head of the custody department until 2002. She was managing director of Arion securities custody, a subsidiary of Kaupthing, from its establishment in 2002 until it merged into Arion Bank in 2012. In 2012-2013, she was a director of the boards of Framtakssjóður Íslands slhf., Reginn hf., Vörður tryggingar hf., Vörður líftryggingar hf. and Míla ehf. Guðrún was managing director of Nasdaq verðbréfamiðstöð hf. from 2013 to 2018.

Guðrún was elected as Alternate to the Board of Directors in March 2018.

Sigurður Jón Björnsson

Sigurður Jón completed a cand.oecon. degree from the school of accounting and finance from the University of Iceland in 1994 and became a licensed securities broker in 2009. Following graduation, he worked as assistance sales manager for Íslensk Ameríska hf. in 1995-1997. He worked as head of finance, deputy managing director and analyst in investment banking at Framtak Fjárfestingarbanki hf. in 1997-2003. He headed up the financial administration department of Air Atlanta in 2003-2006 and was CFO and deputy managing director of financial administration at Norðurál in 2006-2007. He worked as a corporate consultant at Capacent in 2007 and later became a partner at securities house Capacent Fjárfestingaráðgjöf, later Centra Fyrirtækjaráðgjöf hf. Alongside his consultancy role, Sigurður served as Compliance Officer for the securities house. Sigurður was CFO of the Housing Financing Fund in 2011-2017 and was, among other things, responsible for risk management at the fund in 2011-2015. Sigurður was chairman of the board of tech company Betware in Iceland from the company’s establishment in 1998 and until it was sold to foreign parties in 2014. He has also served on the boards of companies Stoðir hf., Íslandsflug hf., Landsafl hf., IMSI Inc., and SPC Holding AS.

Sigurður was elected as Alternate to the Board of Directors in April 2019.


 

Semior Management

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

Lilja Björk Einarsdóttir, CEO

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

Lilja is a mechanical and industrial engineer from the University of Iceland and holds an M.Sc. in financial engineering from the University of Michigan, Ann Arbor. In 2008 to 2016, Lilja directed the operation, asset management and recovery of 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.

Lilja Björk took up the position of CEO of Landsbankinn in 2017.



Information Technology (IT)

The IT Division is responsible for the operation, security and development of Landsbankinn’s digital infrastructure.


Arinbjörn Ólafsson is Managing Director of IT.

Arinbjörn completed an M.Sc. in industrial engineering from the University of Iceland in 2000 and a Ph.D in the same subject from the University of Wisconsin-Madison in 2006.

He commenced work at Landsbankinn's Securities division in 2006. In 2009-2015, he worked on the financial restructuring of companies and headed the recalculation of foreign currency indexed loans. Arinbjörn was Head of IT at Landsbankinn from 2015 to 2017 when he took up the position of Managing Director of IT.

Corporate Banking

The main role of Corporate Banking is to provide service to corporates, municipalities and institutions. Landsbankinn's Corporate Banking Service Centre is a part of the Corporate Banking division.

Árni Thór Thorbjörnsson is Managing Director of Corporate Banking.

A law graduate of the University of Iceland with a diploma in business operations and administration, he was legally certified in Corporate Finance from the Securities & Investment Institute in London in 2005.

He began work at Landsbanki Íslands hf. in 1996 and carried out all types of general legal work, including advisory and representation. Until 2008, Árni was senior legal officer of Landsbanki Íslands hf.'s Corporate Banking division. Árni has held the position of Managing Director of Corporate Banking since Landsbankinn hf. was established.

Personal Banking

The main role of Personal Banking is to provide services to private persons. Companies in rural Iceland also receive all general banking services from branches throughout the country.

 

Helgi Teitur Helgason is Managing Director of Personal Banking.

Helgi took a law degree from the University of Iceland in 1998.

That same year, he came to work for Landsbankinn as a legal counsel and later as an attorney. In spring 2001, Helgi headed the establishment of Intrum and Lögheimtan's offices in Akureyri. He worked as regional manager and lawyer in the North of Iceland until spring 2004 when he became Branch Manager of Landsbankinn's Akureyri branch. Helgi has been Managing Director of Personal Banking since 2010.

Markets

The main role of Markets is to provide service linked to the sale and brokerage of securities, market making, advice to corporates and asset management.


Hrefna Ösp Sigfinnsdóttir is Managing Director of Markets.

Hrefna holds a degree in Business Administration from the University of Iceland and is a licensed securities broker.

Hrefna worked as a fund manager for securities broker Arev until 2007 when she joined Landsbankinn. Hrefna was an analyst and headed the Listing division at the Iceland Stock Exchange from 1998-2006. She previously held the post of head of Retail Banking with Fjárvangur and worked in the Central Bank's Monetary Policy division. Hrefna became Managing Director of Landsbankinn’s Asset Management division, later Markets, in 2010.

Finance

Finance incorporates both business and support units in seven departments: Treasury, Financial Administration, Economics, Loan Administration, Legal, Operations, and Transaction Services.



Hreiðar Bjarnason is Managing Director of Finance.

Hreiðar holds a degree in business administration from the University of Iceland and an M.Sc. 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. Hreiðar is also deputy CEO.

Risk Management

The Risk Management division is responsible for the identification and monitoring of risk. Risk Management is also a vital part of the Bank’s lending process.

 



Perla Ösp Ásgeirsdóttir is Managing Director of Risk Management.

Perla holds an M.Sc. degree in finance from the University of Reykjavík. Perla came to work for Landsbankinn as Head of Risk Management in 2010 and became Managing Director of Risk Management later the same year.

Perla worked for the Central Bank of Iceland in 2005-2010. While at the Central Bank, Perla worked on monitoring financial undertakings and markets, as well as developing risk models for the Icelandic financial market. Perla worked for the Special Investigation Commission of Althingi in 2009.

Internal Audit

Internal Audit evaluates governance, risk management and internal control measures at Landsbankinn. Reviews by Internal Audit are among other things intended to provide adequate assurance that the Bank can achieve its goals on efficiency, safeguarding of assets, accuracy of data and its compliance with laws and rules.


Kristín Baldursdóttir is Chief Audit Executive of Landsbankinn.

Kristín is an economist from the University of Iceland, holds an MPM degree from the same institution, is a licensed securities broker and an internationally certified internal auditor.

Kristín became Chief Audit Executive at Landsbankinn hf. in 2009. Previously, Kristín was employed at Íslandsbanki for 18 years, as an Account Manager, Project Manager and Head of Operations.

Compliance

The Compliance function provides Landsbankinn's employees with instruction and advice on legislation on securities transactions, monitors compliance with the law and minimises in so far as possible the Bank’s compliance risk. Compliance is also responsible for measures against money laundering and terrorist financing.


Þórður Örlygsson is the Compliance Officer of Landsbankinn.

Thórður holds professional qualification in law from the University of Iceland. He came to work for Landsbankinn in 2004, initially as a specialist in debt restructuring, and became Compliance Officer in 2005.

Previously, Thórður worked as a legal counsel at Kaupthing Bank hf. and Búnaðarbanki Íslands hf.

Landsbankinn's Organisational Chart