Announcement regarding the selection of a candidate for chairman of the post-composition board of Glitnir
The Winding-up Board (the “Winding-up Board”) of Glitnir hf. (“Glitnir”) has identified a candidate for the role of chairman of the post-composition board of directors, as part of the planning for a potential composition proposal, which would see Glitnir exit the winding-up process.
If a composition proposal is approved by the requisite majority of Glitnir’s creditors, the proposed chairman, along with other members of a proposed board of directors, would be nominated at a shareholders’ meeting held at a later date. The board of directors would then be constituted and play a key role in the preservation and return of value to the creditors. Á íslensku
Jan Kvarnström will be nominated as chairman. Mr. Kvarnström has held senior roles in restructuring and business development in a number of change situations. At Dresdner Bank, he was a member of the board of Managing Directors and Chief Executive Officer of the bank’s Institutional Restructuring Unit. At Securum AB, he was Chief Executive Officer of the Swedish bad bank, assisting in the restructuring of a number of banks in the Baltics. He has also been chairman at Linebrook Limited, a holding company for private equity interests. During his career, Mr. Kvarnström has also been Chief Executive Officer of PKbanken in the UK, and held a number of senior management positions at the Bonnier Group. He has held a number of board positions in different countries and sectors, including as Chairman of Swedish property company Castellum AB and on the boards of Carnegie AB, Akzo Nobel NV and The Swedish Post. At present he is a non-executive of Genworth Financial and Chairman of Collector AB, a fast growing regulated finance company.
Mr. Kvarnström was identified for the role of Chairman after a comprehensive search process conducted by an international search firm for the board selection committee established by the Winding-up Board with the agreement of the Informal Creditors Committee to select the most competent and qualified candidates for the board of directors of Glitnir post-composition (the “Board Selection Committee”). The Board Selection Committee will continue in its role of searching for and selecting remaining candidates for the proposed board and details of any proposed candidates will be provided in due course.
For the Winding-up Board of Glitnir hf.
Steinunn Guðbjartsdóttir, Supreme Court attorney.
Páll Eiríksson, District Court attorney.
