Our Managers
Paul Horner
Chairman
Paul was born in 1962. He was first elected as a Director at a shareholders’ meeting on 8 August 2019, and is a non-executive director. He is not a shareholder in Arion Bank and is an independent candidate. Paul is Chairman of the Board and member of the Board Risk Committee, the Board Audit Committee, the Board Credit Committe, the Board Remuneration Committee and the Board Tech Committee.
Paul graduated with M.A. Honours in music from the University of Oxford in 1983 and is an associate of the UK Chartered Institute of Bankers. Paul has extensive experience of risk and general management in retail, commercial, investment and private banking, gained across various international markets. Paul held various executive and risk management roles at Barclays PLC between 1988 and 2003. In 2003 Paul joined The Royal Bank of Scotland Group and served as an executive and senior manager of Royal Bank of Scotland PLC and was appointed to various senior risk and general management roles until June 2019. In 2012 to 2017, Paul was the chief risk officer of Coutts & Co Ltd. and CEO of Coutts & Co Ltd., Zurich, in 2016-2017. In 2018 Paul was chief risk officer of Ulster Bank DAC, Dublin, and a non-executive director at Coutts & Co Ltd. in Zurich from 2018-2021.
Today Paul serves on the board of AIB (UK) P.L.C., chairs its risk committee and is member of its audit and operational resilience committees. He also serves on the Board of LHV (UK) Ltd. and chairs its risk committee, as well as sitting as a member of its audit, remuneration and nomination committees. Finally, he serves on the Board of the UK subsidiary of The National Bank of Kuwait, chairs its Risk Committee and serves on its Audit Committee.
Kristín Pétursdóttir
Vice Chairman
Kristín was born in 1965. She was first elected as a Director at Arion Bank’s Annual General Meeting on 15 March 2023, and is a non-executive director. She is not a shareholder in Arion Bank and is an independent Director. Kristín is Vice Chairman of the Board, Chairman of the Board Risk Committee member of the Board Remuneration Committee, the Board Audit Committee andthe Board Credit Committee.
Kristín graduated as an economist from the University of Iceland in 1991 and with an MBA from Handelshøyskole in Norway in 1993.
Kristín was a co-founder of Audur Capital and served as chief executive officer of the company from 2007 to 2013 and as Chairman of the Board of Directors from 2013 to 2017 (later Virðing hf.). Kristín was also a Chairman of the Board of Directors at Kvika hf. from 2018 to 2020, CEO at Mentor hf. from 2015 to 2017, Managing Director of Treasury at Kaupthing Bank from 1997 to 2005, and Deputy CEO at Singer & Friedlander from 2005-2007. Kristín has also served as a board member at Ölgerdin, Tal, Yggdrasil, Singer & Freidlander, Vidskiptarád, Eyrir Invest, Samtök atvinnulífsins and Samtök fjármálafyrirtækja. Kristín has also served as a member of investment committees of Edda, Freyja, and Audur I initiative funds.
Today Kristín is a self-employed Leadership Consultant and Coach and serves as a member of the Board of Directors of Grid ehf. and Miðeind ehf.
Gunnar Sturluson
Director
Gunnar was born in 1967. He was first elected as a Director at a shareholders’ meeting on 8 August 2019, and is a non- executive director. He is not a shareholder of Arion Bank and is an independent Director. Gunnar is a member of the Board Credit Committee and the Board Risk Committee. He was also appointed to the Board Audit Committee in May 2020, which he is currently chairing.
Gunnar graduated as Cand. Jur from the University of Iceland in 1992, gained an LL.M. degree in Law from the University in Amsterdam in 1995 and received a license to practice before the District Court in Iceland in 1993 and before the Supreme Court in 1999.
Gunnar has practiced law at LOGOS legal services since 1992 and a became partner in 1995. He was the managing partner of LOGOS from 2001-2013. Gunnar has been the president of the International Federation of Icelandic Horse Associations since 2014 and a board member of the Performing of the Arts Center in Iceland since 2021. Furthermore, Gunnar serves on the Board of Harpa Conference Center.
Gunnar has previously held various directorships, including the board of directors at Gamma hf. in 2017-2019, chairman of the board of directors of the Icelandic National Broadcasting Service (RÚV) 2016-2017, director at the Nordic Arbitration Center, chairman of the board of directors of the Icelandic Dance Company 2013-2016 and was voted by ALTHINGI the Icelandic parliament to serve on the National Electoral Commission in 2013-2017. Gunnar also lectured in competition law in 1995-2007 at the University of Iceland, Faculty of Law.
Liv Fiksdahl
Director
Liv was born in 1965. She was first elected as a Director at Arion Bank’s Annual General Meeting on 20 March 2019, and is a non-executive director. She is not a shareholder in Arion Bank and is an independent Director. Liv is chairman of the Board Remuneration Committee and the Board Tech Committee and member of the Board Audit Committee.
Liv holds a degree in finance and management from Trondheim Business School (today NTNU) in 1986. In 2018, Liv completed programs at Stanford University in Big Data, strategic decisions and analysis, and the Innovative Technology Leader. She has also completed an advanced management program for executives in management, innovation and technology at Massachusetts Institute of Technology.
Liv has held various senior roles at DNB and was part of the executive management team for 10 years, and her most recent role was as the Group EVP, CIO/COO, for IT & Operations. Liv has a broad experience from DNB and has held different positions across the value-chain within the bank. Before DNB she had key account roles for corporate clients within Danske Bank/Fokus Bank, and Svenska Handelsbanken. Liv has served on numerous boards, including Scandinavian Airlines SAS AB, Intrum AB, BankAxept, Sparebankforeningen, Doorstep, Finans Norge and Trondheim Kommune Bystyret.
Today, Liv is a Vice President within Financial Services at Capgemini Invent, Norway, and serves on the boards of Posten Norge AS and Hexagon Purus ASA.
Steinunn Kristín Thórdardóttir
Director
Steinunn was born in 1972. She was first elected as a Director at a shareholders’ meeting on 30 November 2017, and is a non-executive Director. She is a shareholder in Arion Bank (her shareholding is 12000 shares) and is an independent Director. Steinunn is the chairman of the Board Credit Committeeand a member of the Board Remuneration Committee, the Board Risk Committee and the Board Tech Committee.
Steinunn holds a master’s degree international management from Thunderbird, Arizona, and a BA in international business and politics from University of South Carolina. Steinunn has previously held several directorships in Europe and was a board member at the Icelandic State Financial Investment (ISFI). Steinunn was previously a partner and CEO of Beringer Finance Norway in 2015-2017 and interim CEO of Beringer Finance in Iceland and global head of food and seafood in 2017. She founded Akton AS and Acton Capital AS, a management consulting and investment company in Norway, where she works with investments and consulting. Steinunn worked at Íslandsbanki (later Glitnir) as the managing director and head of the bank’s UK operation and prior to that she was an executive director heading the international corporate credit and syndications.
Today Steinunn works actively with tech companies in Norway both as an investor and advisor in regard to strategy. The software companies she works with are international scale-up companies. She is also the chairman of the board of Acton Capital AS, and the chairman of the board for the Norwegian-Icelandic Chamber of Commerce. Steinunn is a member of the nomination committee of Síminn and serves as a board member at YES-EU AS and Alda hf. Finally, she is a mentor to young talented women and founded Women Empower Women and is the chairman of a charitable organization in Norway.
Alternate Directors
- Einar Hugi Bjarnason, Lawyer
- Sigurbjörg Ásta Jónsdóttir, Lawyer
Heimir Thorsteinsson, State Authorized Public Accountant, was appointed as a member of the Board Audit Committee by shareholders.
Board Committees
According to the Board’s Rules of Procedure, the Board is permitted to establish sub-committees to discuss particular areas of the Bank’s operations. No later than one month following the annual general meeting the Board appoints members to each of its subcommittees and assesses whether to appoint external members to certain committees, in order to bring in a greater level of expertise.
The Board has established five sub-committees: Board Audit Committee, Board Risk Committee, Board Credit Committee, Board Remuneration Committee and Board Tech Committee.
Board sub-committees establish their rules of procedure, which are confirmed by the Board, and regularly inform the Board of their activities. Furthermore, the Board has access to all material used by the sub-committees and their minutes.
Board Audit Committee (BAC)
The BAC´s main role is to contribute to the high-quality statutory auditing of the Bank and monitor the effectiveness of the Bank’s internal quality control, risk management systems and internal audit function, with regard to the Bank’s financial reporting. BAC members are Gunnar Sturluson, committee chairman, Liv Fiksdahl, Kristín Pétursdóttir, Paul Horner and Heimir Thorsteinsson. The Board first appointed Heimir Thorsteinsson, State Authorized Public Accountant and external member, to BAC in July 2017.
Rules of Procedure for the Board Audit Committee
Board Risk Committee (BRIC)
The BRIC’s main role is to advise and support the Board regarding the monitoring of the Bank’s overall actual and future risk appetite and strategy, taking into account all types of risks, to ensure that they are in line with the business strategy, objectives, corporate culture and values of the Bank. The BRIC, furthermore, assists the Board in overseeing the implementation of the Bank’s risk strategy and the corresponding limits set. BRIC members areKristín Pétursdóttir , committee chairman, Gunnar Sturluson, Steinunn Kr. Þórðardóttir and Paul Horner.
Rules of Procedure for the Board Risk Committee
Board Credit Committee (BCC)
The BCC’s main role is to attend to credit issues which exceed the credit limits of its sub-committees. BCC members are Steinunn Kr. Þórðardóttir, committee chairman, Kristín Pétursdóttir, Paul Horner and Gunnar Sturluson. The Rules of Procedure for the Board Credit Committee are not published.
Board Remuneration Committee (BRC)
The BRC’s main role is to prepare a remuneration policy for the Bank on an annual basis. It also advises the Board on remuneration to the CEO, Managing Directors, the Compliance Officer and the Chief Internal Auditor, and on the Bank’s incentive scheme and other work-related payments. BRC members are Liv Fiksdahl, committee chairman, Kristín Pétursdóttir, Paul Horner and Steinunn Kristín Þórðardóttir.
Rules of Procedure for the Board Remuneration Committee
Board Tech Committee (BTC)
The purpose of the BTC is to assist the Board of Directors in fulfilling its oversight responsibilities with respect to the role of technology in executing the business strategy of the Bank, including, but not limited to, major technology investments, technology strategy, technological operation efficiency and technology trends that may affect the Bank. The BTC shall furthermore have a surveillance role pertaining to the Bank’s compliance with rules and regulation applicable to Information Technology. BTC members are Liv Fiksdahl, committee chairman, Paul Horner and Steinunn Kristín Þórðardóttir.
Benedikt Gíslason
CEO
Benedikt was born in 1974. Benedikt was appointed CEO 1 July 2019.
Benedikt joined FBA (later Íslandsbanki) in 1998, held a variety of managerial positions at Straumur-Burðarás, was managing director of capital markets at FL Group and managing director of the investment banking division of MP banki. Benedikt worked as a senior advisor for Iceland’s Ministry of Finance and Economic Affairs and was vice-chairman of a government task force on the liberalization of the capital controls between 2013 and 2016. He served on the board of directors of Kaupthing from 2016 to 2018 and was an advisor to Kaupthing on matters relating to Arion Bank. Benedikt was elected to the Board of Directors of Arion Bank in September 2018 and served on the board until his appointment as CEO.
Benedikt gained a C.Sc. in mechanical and industrial engineering from the University of Iceland in 1998.
Ida Brá Benediktsdóttir
Deputy CEO and managing Director of Retail Banking
Ida Brá was born in 1976. Ida Brá was appointed Managing Director of Retail Banking in July 2017 and Deputy CEO in April 2022.
Ida Brá has worked for Arion Bank and its predecessor since 1999 when she joined the research department. She has held various positions within the Bank including Head of a department within treasury and Head of Corporate Communications. Ida Brá was Managing Director of Investment Banking from 2016 to 2017.Ida Brá served on the board of numerous companies, including Ólafsfjördur savings bank, AFL – savings bank, Landfestar and HB Grandi hf. Ida is a member of the Board of Directors of the Nordic Financial CERT.
Ida Brá graduated with a degree in business administration from the University of Iceland in 1999 and has a Master's in finance from the Erasmus Graduate School of Business. She is also a certified stockbroker.
Birna Hlín Káradóttir
Chief Operating Officer
Birna Hlín was born in 1978. She was appointed General Counsel of Arion Bank in September 2019 and joined the Bank’s Executive Committee in June 2020. In September 2023 she was appointed Chief Operating Officer.
From 2016 until joining the Bank, Birna Hlín was a partner and general counsel at Fossar. She was general counsel at Straumur fjárfestingabanki from 2011 to 2015. Birna Hlín worked for Straumur-Burðarás Investment Bank hf. between 2007 and 2011 and was the company’s general counsel from 2009. She has taught financial market law at the Reykjavík University and the University of Iceland. She has served on the boards of directors of several companies and organizations in Iceland and abroad.
Birna Hlín has completed an Advanced Management Program at IESE Business School Barcelona and has a Cand. Jur. degree from the University of Iceland. She is a district court attorney and a licensed securities broker.
Björn Björnsson
Managing director of Information Technology & CIO
Björn was born in 1980. He was appointed Managing Director of Information Technology and Chief Information Officer at Arion Bank in March 2023.
From 2015, until joining the Bank, Björn worked for Boston Consulting Group (BCG) in Australia and the Nordics, with focus on financial institutions, information technology strategy and transformation. Before joining BCG, he held several executive roles in the Icelandic financial services sector, including Chief Risk Officer at Byr Savings Bank.
Björn has a BS in computer science and an MS in industrial engineering from the University of Iceland and an MBA from Melbourne Business School.
Hákon Hrafn Gröndal
Managing Director of Corporate & Investment Banking
Hákon Hrafn Gröndal was born in 1988. He was appointed managing director of Corporate & Investment Banking in April 2022.
Hákon Hrafn Gröndal joined Arion Bank in 2012, initially working at the Bank’s Höfði branch in Reykjavik. Since then Hákon has held various financial advisory and credit roles at the Bank and served on several boards of directors on the Bank’s behalf. Since 2013 Hákon has been a credit manager in Corporate & Investment Banking.
Hákon is a business graduate from Griffith University, has an MSc in corporate finance from the University of Iceland and is a licensed securities broker.
Jóhann Möller
Managing Director of Markets
Jóhann was born in 1979. He was appointed managing director of Markets in May 2022.
Jóhann Möller has been the managing director of Stefnir since 2020. Jóhann has worked in the financial markets for more than 20 years and joined Stefnir in 2006, managing domestic equities funds and he was head of the company’s equities team between 2017 and 2020.
Jóhann is a business graduate from the University of Iceland and is a licensed securities broker.
Ólafur Hrafn Höskuldsson
Chief Financial Officer
Ólafur Hrafn was born in 1981. He was appointed Chief Financial Officer in September 2021.
Ólafur Hrafn joined Arion Bank in 2019 as head of strategy and development in the CEO’s Office. Between 2010 and 2016 Ólafur Hrafn worked for Royal Bank of Scotland in London and New York. In 2016 he was appointed managing director of the investment company Títan, a position he held until 2019. He previously worked for CreditInfo in Germany and Straumur Investment Bank. Ólafur Hrafn sits on the boards of directors of Vörður and Landey.
Ólafur Hrafn graduated with a cand.oecon. from the University of Iceland in 2006, majoring in accounting and auditing. He is an FSA approved person in the United Kingdom and has passed the FINRA Series 79 exam in the United States.
Úlfar Freyr Stefánsson
Chief Risk Officer
Úlfar was born in 1981. He was appointed Chief Risk Officer in May 2020.
Úlfar joined the Bank’s Risk Management division in 2013 after having worked at Kaupthing since 2010, where his positions included Head of Risk Management. Úlfar was Head of Portfolio Risk at Arion Bank from 2013 to 2015, when he took over as Head of Balance Sheet Risk.
Úlfar has a doctorate and a master’s in mathematics from Georgia Institute of Technology. He also has a BSc in mathematics from the University of Iceland and is a certified securities broker.