The chief executive of UK frozen-food retailer Iceland Foods has praised Jón Ásgeir Jóhannesson’s work following the announcement of the former chairman’s departure.
The Baugur founder has had to stand down as chairman of the grocer as an investigation begins into his alleged part in a conspiracy to siphon US$2bn out of Iceland’s collapsed bank Glitni.
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Jóhannesson, a non-executive director of Iceland since 2005 and non-executive chairman since 2008, will now be replaced by Baldvin Valtysson, head of the London office of Icelandic bank Landsbanki.
Iceland CEO Malcolm Walker yesterday welcomed Valtysson on board, adding that he was sorry Jóhannesson had been obliged to step down to focus on defending himself against the lawsuit.
“Jón Ásgeir was the first outsider to spot the huge turnaround potential of The Big Food Group as long ago as 2002, when Baugur made its first investment in the company, and he played the central role in completing the takeover of the company by a consortium of principally Icelandic investors in 2005,” Walker said.
He added: “We will always be hugely grateful to Jón Ásgeir for everything he has done to make the amazing Iceland Foods recovery story possible, for the faith he placed in me and the rest of the returning senior management team, and for his contribution to our board since 2005.”
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