Eimskipafélag Íslands hf. - Changes board/management/auditors

Eimskip makes organizational changes

Eimskip has decided to alter its organizational structure in order to align it
to changes in the company’s operational environment and increased international
activities. The changes will be effective as from 1 June 2016. 

Eimskip has in recent months invested in companies both in Iceland and abroad
and therefore it is essential to adapt the company’s structure to new times and
increased growth. At the same time as investments are made, it is necessary to
secure efficiency of the companies that Eimskip has invested in, by increasing
focus on harmonizing the human resource policies and the corporate culture
within Eimskip. 

The main alteration is the creation of a new division of Human Resources,
intended to coordinate the company’s human resource strategy and corporate
culture in all countries where Eimskip operates. Human Resources will be
managed by Elín Hjálmsdóttir, who will become a member of the Executive
Management of the company. 

The executive management of International Operations and Logistics, managed by
Bragi Þór Marinósson, will move to the Netherlands in order to follow up on the
investments that have been made, along with the ones that are pending. 

The Ship Management will be incorporated into the Finance and Operation.
Ásbjörn Skúlason will continue as a managing director of the German company
Eimskip & KCie with residence in Germany. Eimskip & KCie is responsible for
ship operation, maintenance and renewal of Eimskip’s vessel fleet. 

The Corporate Office will be responsible for legal matters, marketing,
communication and events, along with investor relations and integration of
projects related to possible investments. 

The company will be divided into these five main divisions, managed by the
President and CEO, Gylfi Sigfússon: 

Finance and Operation where Hilmar Pétur Valgardsson is Executive Vice
President. Finance and Operation is responsible for financial management of
Eimskip internationally, insurances and properties, operation of information
systems, along with ship management which will now be a part of this division. 

North Atlantic Container Liner Services where Matthías Matthíasson is Vice
President. North Atlantic Container Liner Services is responsible for sales and
services related to the container liner services, as well as production
management. 

Iceland Domestic Operations and Services where Gudmundur Nikulásson is Vice
President. Iceland Domestic Operations and Services is responsible for
operation of the domestic system in Iceland, i.e. offices around Iceland and
operation of ports and terminals, trucking system, warehouses, cold storage
facilities and ferries. 

International Operations and Logistics where Bragi Thór Marinósson is Executive
Vice President. International Operations and Logistics is responsible for
operation of Eimskip companies outside of Iceland and transport services
worldwide. Its head office will be located in the Netherlands. 

Human Resources where Elín Hjálmsdóttir will become a new Vice President. Human
Resources is responsible for strategic planning, execution and follow up on
Eimskip’s Human Resource matters worldwide. 

Elín has been working for Eimskip since 2004 and started with matters relating
to remuneration and later recruitment. She was appointed manager of Human
Resources in 2006 and in 2008 she became senior manager of Human Resources in
Iceland. Following organizational changes in 2009 she became senior manager of
Human Resources of Eimskip. 

Elín received a B.Sc. degree in Business Administration in 2002 and an MBA
degree in 2005 from Reykjavik University.

Attachments:

2016 05 25 - Organizational structure.pdf