Ármann Þorvaldsson, CEO of Kvika, has requested to step down from his position at the end of this year after nearly ten years with the company. He will continue to serve as CEO until year end, while the Board will use the coming months to recruit his successor.

Ármann was appointed CEO of Kvika in 2017, later served for a period as Deputy CEO, and has again held the position of CEO for the past three years. During his nearly ten years with the Bank, Kvika has grown significantly and delivered substantial value to its customers and shareholders.

Ármann Þorvaldsson, CEO:

"My years at Kvika have been among the most rewarding and enjoyable of my life. It has been a privilege to work alongside the outstanding people who have built a truly unique company and achieved results that few businesses in Iceland can match.

I would like to thank the Board, management team, and all employees for their exceptional cooperation, support, and collaboration over the years. It is something I deeply appreciate and will always look back on with great warmth.

The timing of my decision is strongly influenced by the fact that I believe Kvika has rarely been in a stronger position than it is today. The company is exceptionally well placed to continue serving its clients, delivering outstanding returns to shareholders, and remaining one of the most attractive workplaces in Iceland."

Sigurður Hannesson, Chairman of the Board:

"Kvika has grown significantly since the Bank was established in 2015 and is in a strong position to continue creating value for its clients and shareholders. Ármann has played a major role in the company's success, together with a highly capable management team and staff. On behalf of the Board, I would like to thank him for his outstanding contribution.

The Board respects his decision to step down at the end of this year. No decision has yet been made regarding his successor, and the Board will use the coming months to appoint a new CEO."