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Hannes Smárason Quits as CEO of FL Group

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Hannes Smárason Quits as CEO of FL Group

Hannes Smárason will leave his post as CEO of Iceland-based investment company FL Group and be replaced by the company’s assistant CEO, Jón Sigurdsson.

Smárason met with Jón Ásgeir Jóhannesson, chairman of FL Group’s board, in Reykjavík last night to discuss the company’s future, Fréttabladid reports.

FL Group is currently undergoing considerable changes; its owners plan to increase its capital stock to strengthen its position on the market. Baugur will play a key role, but new shareholders will probably join the company as well.

FL Group is one of the companies losing the most value as a result of the consistent decline of the selected share index on the OMX Nordic Stock Exchange in Iceland.

Click here to read more about the Icelandic stock market.

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