KAPP founder Freyr Friðriksson with newly promoted CEO Ólafur Karl Sigurðarson.
Photo: KAPP
The Icelandic seafood processing and refrigeration specialist firm KAPP ehf. has announced a leadership transition, with founder Freyr Friðriksson stepping down as chief executive and assuming the role of chairman of the board. Ólafur Karl Sigurðarson, who has served as deputy CEO since August 2024, became the company's new chief executive officer on 9 January.
The leadership change follows a year of strong growth for the Icelandic technology group. In 2024, KAPP doubled both revenues and employee numbers, supported by acquisitions and increased international activity.
Founded 27 years ago by Freyr Friðriksson and his wife Elfa Hrönn Valdimarsdóttir, KAPP has developed from a small start-up into an international supplier of refrigeration and processing solutions for the seafood industry, aquaculture, and other industrial sectors.
Recent strategic steps include the acquisition of Seattle-based KAMI Tech Inc., providing manufacturing capacity in the United States, and the purchase of assets and patents from the bankruptcy estate of Skaginn 3X, boosting the company’s technology portfolio. KAPP has also partnered with US-headquartered aquaculture technology firm Innovasea in support of its entry into the Icelandic market.
"I founded KAPP with nothing but determination 27 years ago, at just 23 years old. This is not a departure," Friðriksson said in a press release announcing the leadership change. "I am transitioning to the role of Chairman to oversee the company with a broader strategic perspective. Ólafur Karl is ready to lead KAPP forward, and I have complete confidence in his ability to build on our momentum. His experience positions KAPP well for continued growth, both domestically and internationally."
Sigurðarson brings nearly a decade of senior management experience from the Iceland-headquartered food processing technology company Marel, where he held roles including executive vice president of the Fish Division, managing director of Marel Iceland and member of the executive team.
“I am honored by the trust placed in me to lead KAPP into its next chapter,” Sigurðarson said. "Freyr and his family have built a strong company and a respected brand through resilience, vision, and long-term commitment. Having grown up in a family-run business myself, I understand the importance of preserving that foundation while continuing to innovate and evolve."
Sigurðarson said the company's recent major investments and operational improvements had marked an "exceptional year", and said the year ahead would see the company "focus on building on this strong foundation, deepening customer relationships, optimizing our expanded operations, and continuing our growth trajectory."