Hannes Smárason
Encyclopedia
Hannes Smárason is an Icelandic businessman and former CEO of the FL Group.
upon graduating from MIT from 1992 to 1996 as a Management Consultant before being hired by deCODE genetics
as deputy CEO.
Hannes became Chairman of the Board of Directors
of Icelandair
as well as one of the majority shareholders in 2004. Icelandair changed its name to FL Group
in 2005 and Hannes became CEO. Under his management, the FL Group became an investment powerhouse with total assets valued at around $7 billions in December 2007.
Hannes resigned as CEO of the FL Group in December 2007 He continued on as a member of the board until June 2008. FL Group posted a loss of ISK 350 billion in 2008 (USD 2.9 billion at the exchange rate of 31/12/2008).
According to a report by the Icelandic State Radio
,(RUV), Hannes Smárason's business dealings are the subject of investigation by the Icelandic authorities. According to the same report, Smárason and related entities are said to owe ISK 80 billion to the now defunct Landsbanki. On May 12, 2010, Smarason was named as one of eight defendants in a suit filed by the winding-up committee of Glitnir Bank. The suit alleges fraudulent activities. Hannes presently lives in Notting Hill
in London.
Career
He worked for McKinsey in BostonBoston
Boston is the capital of and largest city in Massachusetts, and is one of the oldest cities in the United States. The largest city in New England, Boston is regarded as the unofficial "Capital of New England" for its economic and cultural impact on the entire New England region. The city proper had...
upon graduating from MIT from 1992 to 1996 as a Management Consultant before being hired by deCODE genetics
Decode Genetics
deCODE genetics, Inc. is a biopharmaceutical company based in Reykjavík, Iceland. The company was founded in 1996 to identify human genes associated with common diseases using population studies, and apply the knowledge gained to guide the development of candidate drugs...
as deputy CEO.
Hannes became Chairman of the Board of Directors
Board of directors
A board of directors is a body of elected or appointed members who jointly oversee the activities of a company or organization. Other names include board of governors, board of managers, board of regents, board of trustees, and board of visitors...
of Icelandair
Icelandair
Icelandair ehf is the flag carrier airline of Iceland, based on the grounds of Reykjavík Airport in Reykjavík. It is part of the Icelandair Group and currently operates scheduled services to 31 cities in 13 countries on both sides of the Atlantic Ocean out of its hub at Keflavík International Airport...
as well as one of the majority shareholders in 2004. Icelandair changed its name to FL Group
FL GROUP
Stodir is an international investment company, headquartered in Reykjavík, Iceland with offices in London.The company was founded on July 20, 1973, under the name Flugleiðir. It was formed as a holding company for Loftleiðir and Flugfélag Íslands....
in 2005 and Hannes became CEO. Under his management, the FL Group became an investment powerhouse with total assets valued at around $7 billions in December 2007.
Hannes resigned as CEO of the FL Group in December 2007 He continued on as a member of the board until June 2008. FL Group posted a loss of ISK 350 billion in 2008 (USD 2.9 billion at the exchange rate of 31/12/2008).
According to a report by the Icelandic State Radio
RÚV
Ríkisútvarpið is Iceland's national public-service broadcasting organization.Operating from studios in the country's capital, Reykjavík, as well as regional centres around the country, the service broadcasts a variety of general programming to a wide audience across the whole country via radio...
,(RUV), Hannes Smárason's business dealings are the subject of investigation by the Icelandic authorities. According to the same report, Smárason and related entities are said to owe ISK 80 billion to the now defunct Landsbanki. On May 12, 2010, Smarason was named as one of eight defendants in a suit filed by the winding-up committee of Glitnir Bank. The suit alleges fraudulent activities. Hannes presently lives in Notting Hill
Notting Hill
Notting Hill is an area in London, England, close to the north-western corner of Kensington Gardens, in the Royal Borough of Kensington and Chelsea...
in London.