In a strategic move, Iceland Seafood International has appointed Ægir Páll Friðbertsson as its new CEO. Friðbertsson, previously the COO of local peer Brim for the past five years, will be taking the reins on November 1st. This transition comes as Bjarni Ármannsson, who has successfully led ISI since January 2019, steps down.
Coinciding with the change in leadership, Sjávarsýn, a holding company wholly owned by Ármannsson, has divested its 10.83% stake in ISI to Brim. Previously, Ármannsson held the position of the second-largest shareholder in ISI through Sjávarsýn.
This announcement follows ISI’s recent decision to retain its UK division after failed attempts to sell it. The Danish seafood producer, Espersen, acquired the UK division. Despite challenges, ISI has maintained a strong position in Europe, driven by its long-standing commitment to quality, innovation, and product reliability.
Looking ahead, Friðbertsson expressed optimism about ISI’s potential for growth and profitability. He emphasized the importance of collaboration with employees, suppliers, and customers to further develop the company. With his vast knowledge and leadership qualities, Ármannsson is confident in Friðbertsson’s ability to drive ISI forward.
In the first half of 2023, ISI recorded promising group sales of €222.3m ($236.5m), representing a 7% increase from the previous year. However, the company reported “normalised” pre-tax losses of €800,000, primarily attributed to lower second-quarter sales and reduced margins in its southern European operations. Overall, ISI incurred a net loss of €15.3m.
Despite these challenges, ISI remains positive about its prospects, particularly with its strong foothold in the food and beverage industry. The company will continue to focus on delivering quality seafood products to its loyal customers, leveraging its extensive experience and market presence.
In summary, with Ægir Páll Friðbertsson assuming the role of CEO, Iceland Seafood International is well-positioned to navigate the evolving landscape of the food and drink business. Although the company experienced certain setbacks, its commitment to excellence and longstanding reputation set the stage for future growth and success.
