Kvika banki hf.: Changes in the Executive Committee

Following the signing of an agreement to sell 100% of TM tryggingar hf. to Landsbankinn hf., and the anticipated changes to the Kvika group ("Kvika" or "the bank"), the office of the CEO has been restructured.

Sigurður Viðarsson, deputy director of Kvika, has reached an agreement on retirement from the bank. The position of deputy CEO will subsequently be abolished, and tasks will be transferred to other managers in the bank.

Sigurður will assist with the transition, ensuring a smooth handover of projects, and will remain on the boards of companies within the Kvika group until autumn.

Sigurður started as CEO of TM in October 2007 and fulfilled that role continuously from 2007 until he took over as deputy CEO of Kvika at the end of 2022.

Magnús Þór Gylfason, director of communications and stakeholder relations, has also negotiated his retirement from the bank and the position will subsequently be abolished. Magnús will continue to work with the bank in an advisory role.

Ármann Þorvaldsson, CEO of Kvika banki hf.:

"I would like to take this opportunity to thank Sigurður Viðarsson very much for the excellent co-operation over the years and for his important contribution to the bank. Sigurður has proven to be a powerful leader and a good partner.

He has successfully led a change process following the merger of TM and Kvika and has been in a leading role in the sale of TM. Sigurður has had a remarkably successful career as CEO of TM and later Deputy CEO of Kvika.

We would like to thank Sigurður for the extremely successful collaboration over the years and wish him all the best and success in his future projects.

There will also be a lot of regret for Magnús, who will continue to work with the bank in an advisory role. We wish him all the best in his future projects and endeavors."

Sigurður Vidarsson:

"The last 17 years have been incredibly challenging and enjoyable for both TM and Kvika. I am very pleased with Kvika's strong position at this point. There are significant opportunities for further growth and development of the bank following the sale of TM. I say goodbye to Kvika and all the employees with longing and gratitude, but also with anticipation for what lies ahead."