Festi hf.: Organizational changes at Festi

Today, organizational changes at Festi Group take effect. A new Managing Director of N1 has been hired and two management positions at Festi combined into one. These changes also result in the departure of seven employees. The Company thanks them for their valuable contribution over the years. Two new managers will be joining Festi.

"The changes are part of Festi strategy to streamline and further strengthen the independence of each company within the Group. Our aim is to sharpen the focus for increased growth and ensure that investments are directed towards the right opportunities and increased value creation," says Ásta S. Fjeldsted, CEO of Festi.

Ýmir Örn Finnbogason has been appointed Managing Director of N1 and will assume the position on June 1st.

Hinrik Örn Bjarnason, who has been a member of the N1 management team from 2013, thereof as Managing Director since beginning of 2019, is leaving the Company. "N1 is at crossroads due to changing consumer behaviour and energy transition. We would like to thank Hinrik for his important contribution to N1's journey in recent years, while we welcome Ýmir, who will be given the task of taking even bigger steps in meeting the transformative changes that are taking place in the market. We are excited about having someone as forward-thinking and talented as Ýmir joining the Company," says Ásta S. Fjeldsted, CEO of Festi.

Ýmir Örn Finnbogason comes from Deloitte, where he was the head of business analysis from 2021 and previously a special financial advisor to fishing industry clients of Deloitte in the years 2010-2012. Previously he worked as the CFO of Plain Vanilla Games and Teatime Games and as the CEO of Rammagerðin. Ýmir Örn has a master's degree in accounting and finance from Cass Business School in London and a bachelor's degree in business administration from Reykjavik University.

"I am very excited to be joining N1, a company facing significant changes. I am certain that this presents numerous opportunities, including increased cooperation with other companies within Festi. I am grateful for the trust I have been given and look forward to participate in shaping the future of N1, a company with a unique history and strong group of employees and customers”, says Ýmir Örn Finnbogason.

Kolbeinn Finnsson, who has served as the Chief Operating Officer of Festi, is also leaving the Company, marking a big turning point. Magnús Kr. Ingason, Chief Financial Officer of Festi, will now lead the combined finance and operation divisions.

Kolbeinn has been with the Company for almost 35 years, beginning in the finance department of Oliufélagið hf. in 1987. Kolbeinn was head of the economics division, later head of human resources, and has been a member of the Company's management team since 2002. "We would like to thank Kolbeinn Finnsson for a job well done and his excellent contribution to the Company through the major changes of recent years," says Ásta S. Fjeldsted, CEO of Festi.

Dagný Engilbertsdóttir has been appointed head of strategic planning in the CEO's office and will be joining the Company in the autumn. Dagný will support the parent company's strategic planning and the tasks of the CEO. Dagný comes from Denmark's largest energy company, Örsted, where she served as a strategy project manager. She previously worked as a consultant at McKinsey & Company in Copenhagen from 2019-2021.

Please direct any questions to the CEO of Festi, Ásta S. Fjeldsted,