Icelandic processing equipment manufacturer Marel has appointed Arni Sigurdsson as Chief Executive Officer with immediate effect.
Sigurdsson took over the role of Chief Business Officer and Deputy Chief Executive Officer of Marel in November 2022, and has held the role of Interim CEO since Nov. 7 when Arni Oddur Thordarson resigned after 10 years in the role.
He first joined Marel in 2014 initially as Head of Strategy before taking up the role of Chief Strategy Officer and Executive Vice President Strategic Business Units. Before joining Marel, Sigurdsson worked at AGC Partners and Landsbanki Islands.
He graduated with an MBA degree from Harvard Business School and BSc in Industrial Engineering from the University of Iceland.
“I have had the pleasure of working alongside Arni over a number of years during which he has held various important leadership roles across our business, most recently the Interim CEO position during an uncertain period for the company, which he has managed well,” said Marel chairman, Arnar Thor Masson.
“The Board and I are confident that he has the skill set and experience needed to ensure Marel effectively manages the near-term headwinds and enable Marel to deliver on its significant potential, for the benefit of our shareholders and wider stakeholders.”
In November, Marel received an unsolicited take over offer from American giant JBT valuing the company at $2.6 billion.
The Icelandic company rejected the offer claiming it undervalued the company, but faced criticism from shareholders who are now calling for a strategic review.
