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Festi's CEO resigns effective from 31 July

Festi hf.
·2-min read
Festi hf.
Festi hf.

Eggert Þór Kristófersson, CEO of Festi hf. has resigned effective from the end July. An agreement has been reached about his retirement as CEO. Festi hf. currently operates N1, Krónan, Elko, Bakkinn and the real estate company Festi. The company is at a crossroad after extensive development in recent years and the CEO believes that at this juncture it is desirable to look for a new individual to lead its operations.

The Board and the CEO have had a successful collaboration in recent years through a major development phase. The company's sustained good operating results are a clear sign of this. All subsidiaries are leaders in their respective markets and have received numerous recognitions in recent years.

"I want to thank Eggert for his good work for the company over the last eleven years, thereof seven years as CEO. He has led it through a period of great growth and integration and is now in a solid and well-equipped position to tackle the huge projects relating to energy exchange and growing participation in the daily lives of its large customer base.

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I wish Eggert well with the projects he will now turn to and thank him for the good cooperation in recent years."

Guðjón Reynisson, Chairman of the Board of Festi.

"I started working for Festi before N1 in June 2011 as CFO after a composition agreement was made in May that year. The company was listed on the stock exchange in December 2013 and the journey has been successful since. An important step was taken when we bought the old Festi i.e. ELKO, Krónan, Festi fasteignir and Bakkinn vöruhótel in 2018. They were strategic and important acquisitions to prepare the company for energy exchange and the changes that are taking place in our society. I have been fortunate to work with great colleagues over the years who have made Festi and its subsidiaries what they are today. I will miss working with the team but I am also excited about what the future holds."

Eggert Þór Kristófersson CEO of Festi.

The position of CEO will be advertised for application in the next few days.