New Executive Management at Icelandic Group

The Chief Executive Officer, deputy Chief Executive Officer, and Chief Financial Officer of Icelandic Group have tendered their resignation. Together, they formed the Company's Executive Management Board. The reason is that their ideas for the company´s direction no longer coincide with the strategic vision of the Board of Directors, reports www.megafishnet.com with reference to Icelandic Group.

Brynjólfur Bjarnason, the Chairman of Board of Icelandic Group will temporarily take over as Chief Executive Officer of the Company, and lead a new Executive Management Board together with Ævar Agnarsson, Chief Executive Officer of Icelandic USA, and Magni Geirsson, Managing Director of Icelandic UK.

The Board of Directors of Icelandic Group would like to thank Finnbogi Baldvinsson, Ingvar Eyfjörð, and Finnbogi Gylfason for their valuable contribution to the Company in past years.

Brynjólfur Bjarnason, Chairman of Icelandic Group: "The turbulence around Icelandic Group in recent years has been a challenging time for the Company, its management and employees. Our main objective now is to obtain stability in the operations of Icelandic Group. The Board of Directors will now thoroughly consider the options available in order to maximise the return of the proposed asset sale. With its international network of independent production and marketing companies, Icelandic Group is well positioned to take advantage of exciting opportunities ahead."