Hannes Smárason

This is an Icelandic name. The last name is a patronymic or matronymic, not a family name; this person is properly referred to by the given name Hannes.
Hannes Smárason
Born Iceland
Nationality Icelandic
Occupation Investor and CEO

Hannes Smárason is an Icelandic businessman and former CEO of the FL Group.

Qualifications

Hannes obtained an MBA from the MIT Sloan School of Management.[1][2]

Career

He worked for McKinsey in Boston upon graduating from MIT from 1992 to 1996[3] as a Management Consultant before being hired by deCODE genetics as deputy CEO.[2][4]

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.[2] Under his management, the FL Group became an investment powerhouse with total assets valued at around $7 billions in December 2007.[5]

Hannes resigned as CEO of the FL Group in December 2007[6] He continued on as a member of the board until June 2008.[7] FL Group posted a loss of ISK 350 billion in 2008 (USD 2.9 billion at the exchange rate of 31/12/2008).[8][9]

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.[10] On May 12, 2010, Smarason was named as one of eight defendants in a suit filed by the winding-up committee of Glitnir Bank.[11] The suit alleges fraudulent activities.[12] Hannes presently lives in Notting Hill in London.[13]

References

  1. ^ Andrew Clark, transport correspondent (2004-10-23). "Icelandair in swoop on easyJet | Business". London: The Guardian. http://www.guardian.co.uk/business/2004/oct/23/theairlineindustry. Retrieved 2010-08-14. 
  2. ^ a b c Doran, James (December 28, 2006). "Big shot - Hannes Smarason". London: The Sunday Times. http://business.timesonline.co.uk/tol/business/article1264629.ece. Retrieved August 10, 2010. 
  3. ^ "E24 Börs - Nordens ledande börstjänst för alla nordiska aktier - E24". Bors.e24.se. http://bors.e24.se/bors24.se/site/rikometer/rikometer_detail.page?magic=(cc%20(post%20smarason)). Retrieved 2010-08-14. 
  4. ^ http://www.decode.com/News/news.php?s=32
  5. ^ ivar. "FL Group reports net loss of ISK 67 billion in 2007". google.com. http://google.com/search?q=cache:9YRv4-T2r4UJ:www.flgroup.is/library/81/download/true+fl+group+loses+67+billions&cd=1&hl=is&ct=clnk&gl=is. Retrieved 2010-08-14. 
  6. ^ e.c Software. "Online, Iceland News, Travel, Vacation, Culture, Hotels, Politics, Business". IcelandReview. http://www.icelandreview.com/icelandreview/search/news/Default.asp?ew_0_a_id=295193. Retrieved 2010-08-14. 
  7. ^ "Stodir - News". Flgroup.is. http://flgroup.is/Investor-and-Media-center/News-Archive/News/~/NewsId/7. Retrieved 2010-08-14. 
  8. ^ "350 milljarða tap Stoða". mbl.is. 2009-12-11. http://www.mbl.is/mm/vidskipti/frettir/2009/12/11/350_milljarda_tap_stoda/?ref=fphelst. Retrieved 2010-08-14. 
  9. ^ "FL Group to buy Baugur Group property holdings". Reuters. 2007-12-04. http://www.reuters.com/article/mergersNews/idUSL0433434520071204. Retrieved 2010-08-14. 
  10. ^ "Owes 80 billion to Landbanki" RUV, March 10, 2010
  11. ^ Baugur Boss Accused of $2 billio Fraud, Telegraph, May 13, 2010
  12. ^ Glitnir Bank press release, May 12, 2010
  13. ^ "Hannes og Lýður enn í lúxus- villum í London. Eignir skráðar á skúffufélög og eiginkonur « Eyjan". Eyjan.is. http://eyjan.is/blog/2009/12/09/hannes-smara-og-lydur-enn-i-luxusvillum-i-london-eignir-skradar-a-skuffufelog-og-eiginkonur/. Retrieved 2010-08-14.