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Our Managers

Chairman

Eva Cederbalk

Eva was born in 1952. She is Swedish and lives in Sweden. She was first elected as a Director at a shareholders’ meeting on 23 June 2017. She is a shareholder in Arion Bank and is an independent Director. Eva is Chairman of the Board of Directors and the Chairman of the Board Credit Committee.

Eva has an MSc in economics from the Stockholm School of Economics.

She is currently chief executive officer of Cederbalk Consulting AB. Between 1975 and 1998 she worked for Skandinaviska Enskilda Banken AB, where she held a variety of managerial positions. She was chief executive of Netgiro Systems AB from 2002 to 2003 and SBAB Bank AB from 2004 to 2011. Eva worked at If Skadeförsäkring AB between 2000 and 2001 and was managing director of Dial Försäkring AB from 1998 to 2000. She has served on numerous boards of directors and was chairman of Klarna AB from 2009 to 2016, and was a director at Gimi AB between 2016 and 2017 and Íslandsbanki between 2015 and 2016. Eva is currently a member of the board of directors of National Bank of Greece Group, Svolder and Ikano Group S.A.

Vice Chairman

Brynjólfur Bjarnason

Brynjólfur was born in 1946. He was first elected as a Director at a shareholders’ meeting on 20 November 2014. He is not a shareholder in Arion Bank and is an independent Director. Brynjólfur is Vice Chairman of the Board, Chairman of the Board Audit Committee and a member of the Board Credit Committee.

Brynjólfur graduated with an MBA from the University of Minnesota in 1973 and a cand. oecon. degree in business studies from the University of Iceland in 1971.

He was managing director of the Enterprise Investment Fund from 2012 to 2014. Between 2007 and 2010 he was the chief executive officer of Skipti. Brynjólfur was chief executive officer of Síminn from 2002 to 2007 and chief executive officer of Grandi hf. from 1984 to 2002. Between 1976 and 1983 he was managing director of the publisher AB bókaútgáfa. He was also head of the economics department of VSÍ from 1973 to 1976. Brynjólfur has broad experience as a director and has served on numerous boards and been chairman of several.

Director

Benedikt Gíslason

Benedikt was born in 1974. He was first elected as a Director at a shareholders’ meeting on 5 September 2018. He is not a shareholder in Arion Bank and is a dependent Director. Benedikt is a member of the Board Risk Committee and the Board Remuneration Committee.

Benedikt gained a C.Sc. in mechanical and industrial engineering from the University of Iceland in 1998.

Benedikt works as a senior consultant for Kaupthing. He previousely worked as a senior advisor for Iceland’s Ministry of Finance and Economic Affairs and he has held a variety of managerial positions at Straumur- Burdarás, including managing director of securities and later CEO. Benedikt also worked as managing director of capital markets at FL Group and at proprietary trading and capital markets at Icelandic Investment Bank (FBA), later Íslandsbanki- FBA. Benedikt was also a board member at Kaupthing and VÍS Insurance. Benedikt is currently a consultant and on the board of Genís hf., EC Hugbúnadur ehf. and EC Software Sweden and an alternate board member of Brekkuás ehf.

Director

Herdís Dröfn Fjeldsted

Herdís was born in 1971. She was first elected as a Director at Arion Bank’s Annual General Meeting on 15 March 2018. She is not a shareholder in Arion Bank and is an independent candidate. Herdís is a member of the Board Audit Committee and Chairman of the Board Remuneration Committee.

Herdís graduated with a BSc in Business Administration with emphasis on International Marketing from the Technical University of Iceland in 2004 and a Master’s degree in corporate finance from Reykjavik University in 2011. Herdís is also a certified stockbroker.

Herdís was the CEO of The Icelandic Enterprise Investment Fund (Framtakssjóður Íslands - FSÍ) from 2014 and before that worked as an Investment Manager at FSI. Before joining The Icelandic Enterprise Investment Fund, Herdís worked as a senior investment analyst at Thule Investments from 2004 to 2010. Herdís has served on numerous boards of directors, e.g. as the chairman of VÍS hf. from 2015 to 2017, vice-chairman of Promens from 2011 to 2015 and as a board member of Invent Farma from 2013-2014, Medicopack A/S from 2014 to 2016, Icelandair Group from 2011 to 2014 and Copeinca AS from 2013 to 2014. Today Herdís is a board member at The Icelandic-Canadian Chamber of Commerce.

Director

Måns Höglund

Måns was born in 1951. He is Swedish and lives in Portugal. He was first elected as a Director at Arion Bank’s Annual General Meeting on 24 March 2011. He is a shareholder in Arion Bank and is an independent Director. Måns is Chairman of the Board Risk Committee and is a member of the Board Credit Committee.

He graduated with a BSc in business and economics from the Stockholm School of Economics in 1975.

From 2002 to 2011 Måns worked for Swedish Export Credit Corporation (SEK) as executive director and head of corporate and structured finance. He was also a member of SEK’s Executive Committee. From 1999 to 2002 he worked for both Unibank (as head of the Sweden operation) and Nordea (as Head of Private Banking, Sweden). From 1991 to 1999 he worked at Swedbank where his roles included being head of the corporate division. In 1984 he joined Götabanken in London and was transferred to the bank’s Stockholm operation in 1989 where he was head of the international finance division until 1991. From 1977 to 1984 he worked for Hambros Bank in London, where he was regional director for Iceland and Denmark for two years. He previously worked as a lecturer and researcher at the Stockholm School of Economics.

Director

Steinunn Kristín Thórdardóttir

Steinunn was born in 1972. She was first elected as a Director at a shareholders’ meeting on 30th November 2017. She is not a shareholder in Arion Bank and is an independent Director. Steinunn is a member of the Board Credit Committee and the Board Risk Committee.

Steinunn has a Master degree in international management from Thunderbird, Arizona and a BA in international business and politics from University of South Carolina.

Steinunn was partner and CEO of Beringer Finance Norway in 2015-2016 and interim CEO of Beringer Finance in Iceland and global head of food and seafood until earlier this year. In 2010 she founded Akton AS, a management consulting company in Norway where she worked as a managing director until 2015. Steinunn worked at Íslandsbanki (later Glitnir) in Iceland from 2001 until 2005 when she became the managing director and head of the bank’s UK operations and remained there until 2008. Before that Steinunn worked at Enron Corporation from 1999 to 2001. Steinunn was a board member of Silver Green AS and Silver Green TC AS in Norway from 2011 to 2013, Versobank AS in Estonia from 2012 to 2013, board member of the Icelandic State Financial Investment (ISFI) from March 2011 to October 2011 and alternate board member at Kredittbanken, later Glitnir Norway, from 2005 to 2008.

Steinunn is a member of Exedra, a discussion forum for women in leadership in various sectors, as well as a board member of Cloud Insurance AS, an insurance tech company that provides solutions to traditional insurance companies, Acton Capital AS and Akton AS and a board member of the British-Icelandic Chamber of Commerce and vice chairman of the Norwegian-Icelandic Chamber of Commerce.

Alternate Directors

  • Ólafur Örn Svansson, Attorney at Law
  • Sigurbjörg Ásta Jónsdóttir, Lawyer
  • Thórarinn Thorgeirsson, Attorney at Law

Ólafur Örn Svansson, Attorney at Law and an Alternate Director, is a member of the Board Remuneration Committee.
The Board of Directors has also appointed Heimir Thorsteinsson, State Authorized Public Accountant, as a member of the Board Audit Committee.

Chief Executive Officer

Höskuldur H. Ólafsson

Höskuldur was born in 1959. He was appointed CEO of Arion Bank in June 2010.

Höskuldur joined the Bank from Valitor hf. where he had been CEO since 2006. Prior to that he worked at the Icelandic transportation company Eimskip hf. for 17 years and held a range of management positions, including that of deputy CEO. He has also served on the boards of directors of numerous companies and organizations in Iceland and abroad.

Höskuldur graduated with a cand. oecon. degree in business administration from the University of Iceland in 1987.

Chief Risk Officer

Gísli S. Óttarsson

Gísli was born in 1963. Gísli was appointed chief risk officer of Arion Bank in April 2009.

From 2006 to 2009 he was head of research and development in Kaupthing Bank’s risk management division. From 2001 to 2006 he was a software designer and advisor for the engineering software company MSC. Software in the United States. From 1994 to 2001 Gísli worked for Mechanical Dynamics Inc. in the US as a software architect and development manager for the multibody dynamics and motion analysis software ADAMS.

Gísli was awarded a PhD in mechanical engineering in 1994 and gained an MSc in applied mechanics in 1989, both from the University of Michigan. Gísli received a BSc in civil engineering from the University of Iceland in 1986. He is also a certified stockbroker.

Managing Director of Retail Banking

Ida Brá Benediktsdóttir

Ida Brá was born in 1976. Ida Brá was appointed managing director of Retail Banking in July 2017.

Ida Brá has worked for Arion Bank and its predecessor since 1999 when she joined the research department. She has held various positions within the Bank including Head of a department within treasury and Head of Corporate Communications. Ida Brá was managing director of Investment Banking from 2016 to 2017. Ida Brá served on the board of numerous companies, including Ólafsfjördur savings bank, AFL – savings bank, Landfestar and HB Grandi hf.

Ida Brá graduated with a degree in business administration from the University of Iceland in 1999 and has a Master's in finance from the Rotterdam School of Management. She is also a certified stockbroker.

Managing Director of Legal Division

Jónína S. Lárusdóttir

Jónína was born in 1970. She was appointed managing director of the Legal division in November 2010.

She was permanent secretary of the Ministry of Economic Affairs and Commerce, from 2007 to 2010. She was appointed director of the general office of the Ministry of Industry and Commerce in 2004 and remained there until 2007. Between 2000 and 2004 she was a specialist in the financial markets department at the Ministry of Commerce. Jónína worked for the A&P law firm from 1996 to 2000. She has served on and chaired numerous committees, including on behalf of the Prime Minister’s Office, and has worked as a lecturer in several institutions, such as the faculty of law of the University of Iceland. She was chairman of the Depositors’ and Investors’ Guarantee Fund in 2003 and 2004. Jónína is a member of the board of directors at Valitor hf.

Jónína gained a master’s from the London School of Economics and Political Science in 2000. She graduated from the faculty of law at the University of Iceland in 1996 and qualified as a district court attorney the following year.

Managing Director of Investment Banking

Lýdur Thór Thorgeirsson

Lýdur was born in 1976. He was appointed managing director of Investment Banking in October 2017.

From 2010 to 2017 he worked for GAMMA Capital Management hf, first as a fund manager of institutional investor funds and from 2013 as managing director of alternative investments. Lýdur worked for Kaupthing from 2009 to 2010, where he was manager of international corporate loans. Prior to that he was at Arion Bank and its predecessor in the Corporate Finance division from 2007. Between 2000 and 2005 Lýdur worked for Íslandsbanki in debt financing and risk management.

Lýdur has an MBA from MIT Sloan School of Management and a BSc in electronic and computer engineering from the University of Iceland. He is also a certified stockbroker.

Managing Director of Asset Management

Margrét Sveinsdóttir

Margrét was born in 1960. She has been managing director of Asset Management at Arion Bank since February 2009.

Between 2007 and 2009 she was head of financial institutions client relations at Glitnir. From 1990 to 2007 she was head of securities brokerage and advisory at Íslandsbanki Securities Ltd, later the asset management division of Glitnir. Between 1985 and 1988 she worked in the credit division of the Industrial Bank of Iceland. Margrét has served on a number of boards of directors, including: The Depositors’ and Investors’ Guarantee Fund on behalf of SFF, Okkar Life Insurance and several funds in Luxembourg.

Margrét graduated with an MBA from Babson College in Massachusetts in 1990 and a cand. oecon. degree in business administration from the University of Iceland in 1986. She is also a certified stockbroker.

Managing Director of Information Technology

Rakel Óttarsdóttir

Rakel was born in 1973. She was appointed managing director of Information Technology in July 2016.

In December 2015 Rakel took over the position of chief operating officer on a temporary basis after having been managing director of Corporate Development and Marketing since 2011.

Rakel was head of Arion Bank’s Project Office from 2010 to 2011. She was an account manager in the IT division of Kaupthing Bank between 2005 and 2010. Rakel previously worked as a software designer and later as head of development at TM Software – Libra, a financial services software company.

Rakel graduated with an MBA from Duke University in North Carolina in 2002 and a B.Sc. in computer science from the University of Iceland in 1997.

Managing Director of Corporate Banking

Rúnar Magni Jónsson

Rúnar Magni Jónsson was born in 1976. Rúnar was appointed managing director of Corporate Banking at Arion Bank in October 2018.

Rúnar Magni has been at the Bank and its predecessors for 15 years, mainly in Corporate Banking. He began as a securities broker at Kaupthing from 2000 to 2002 and then became an account manager in Corporate Banking in 2005. Rúnar then took over as head of department within Corporate Banking in 2014.

Rúnar Magni has an MSc in international marketing and management (IMM) from the Copenhagen Business School and a degree in business administration from the University of Iceland. He also has a diploma in securities trading.

Chief Financial Officer

Stefán Pétursson

Stefán was born in 1963. He was appointed chief financial officer at Arion Bank in August 2010.

Stefán joined Landsvirkjun in 1991, first as head of funding and from 1995 as treasurer. He became chief financial officer of Landsvirkjun in 2002 and sat on the company’s negotiation committee with energy intense industry. While on leave from Landsvirkjun in 2008 he served as the CEO of the investment company HydroKraft Invest hf. From 1986 to 1989 Stefán worked as head of administration at the Icelandic Fisheries Laboratories Institute. Stefán has held a number of directorship positions and other positions of responsibility in recent years. He is currently a member of the board of Landfestar hf. and the Depositors’ and Investors’ Guarantee Fund on behalf of SFF. Stefán is a member of the board of directors at Valitor hf.

Stefán graduated with an MBA from Babson College in Massachusetts in 1991 and a cand. oecon. degree from the faculty of business of the University of Iceland in 1986.