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Skeljungur hf.

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Skeljungur hf.: Restructuring and organizational changes at Skeljungur

The Board of Directors of Skeljungur hf. today approved a new organization chart for the Company on the recommendation of the CEO. The objective of the structural change is to streamline the Company’s operation, shorten lines of communication and improve operational efficiency. In addition, the change is a response to the Company’s current operating environment.

The principal changes are that functions are shifted between divisions, with the effect that the number of positions with the company will be reduced by 20; the changes involve all the divisions of the Company.

The cost of the changes is estimated at 100 million ISK, which will be charged to the first quarter of the year.

There will be no changes in the executive board, but the principal changes in functions between divisions are the following under the new organization chart:

Þórður Guðjónsson, Chief Sales Officer, will take over fuel distribution, which previously formed a part of Operations, and continue to supervise sales of fuel and lubricants to fisheries corporations, aviation companies and overland transport companies, and the service centre.

Már Erlingsson, Chief Executive Officer will be in charge of procurement and inventory, instead of operations.

Karen Rúnarsdóttir, Chief Retail Officer, will take over the functions of Operations, in addition to continuing her supervision of the Orkan service stations, Kvikk, 10-11, Extra and procurement.

Gróa Björg Baldvinsdóttir, Head of Legal & Compliance and member of the Executive Board will take the post of Chief of Governance and Quality. Human resources and corporate culture, quality, security and environmental affairs, that previously fell under the domain of Finance, will be transferred to Gróa, as well as governance and strategy.

Ólafur Þór Jóhannesson will continue to head the Finance division as Chief Financial Officer, which encompasses reception, accounting and information technology. In addition, Ólafur Þór will serve as Vice CEO, a position formerly held by Már Erlingsson.

Attached is a new organization chart that will take effect on 1 March 2021.

For further information, please contact Árni Pétur Jónsson, CEO fjarfestar@skeljungur.is.

www.skeljungur.is

https://www.linkedin.com/company/skeljungur-hf/

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