Steinþór Pálsson (right), when he was CEO of Landsbankinn, after signing an agreement with the Landsbjörg Accident Prevention Association.
Photo: Landsbankinn.
Icelandic land-based farmer Thor Salmon announced the appointment of Steinþór Pálsson as new CEO. An executive with broad experience in both Icelandic and international business, he takes over from Halldór Ragnar Gíslason, who has resigned but will continue to support the new CEO during the transition in the coming weeks.
Gíslason, who, in addition to being the former CEO, is also a founding partner of the company, bid farewell to the position on a LinkedIn post. "Today marks my last day as CEO of Thor Salmon," he wrote yesterday, September 30. "I am pleased to hand over the role to Steinþór Pálsson, who will now lead the company onwards and upwards."
"Thor is fortunate to have Steinþór joining the team, bringing with him extensive experience in building and leading successful organizations," the outgoing CEO added.
Thor Salmon's new CEO holds a Cand. Oecon. degree from the University of Iceland and an MBA from the University of Edinburgh, and, as highlighted by his predecessor, years of experience in building and leading different businesses.
He has been an executive at Actavis, both in Iceland and abroad, a partner at KPMG Iceland, and CEO of Landsbankinn, one of the largest Icelandic banks. In recent years, he has worked as an independent consultant.
Commenting on his appointment, and without forgetting what the company has achieved so far, Steinþór Pálsson emphasized the future. "There are significant opportunities in land-based salmon farming, especially here in Iceland, where conditions are unique," he said.
"We see a turning point ahead for Thor Salmon. Behind us is thorough preparatory work that enables the company to move forward with great momentum in the coming months. I'm excited to take part in this development alongside the strong team that has brought the company to this stage," he added.
In his new role, Pálsson will oversee the ongoing development of the company's salmon farming facility in Þorlákshöfn, South Iceland. Alongside him, Jónatan Þórðarson, Director of Aquaculture, and Þórður Þórðarson, Legal Counsel, complete the executive team of the land-based farmer.
"With his appointment, we further strengthen the team and are confident that the future will be successful," Jónas Engilbertsson, Thor Salmon's Chairman, said about the company's new Chief Executive Officer, whom he described as a strong addition to the team.
As mentioned, he will be advised by the former CEO in the coming weeks. "I will continue to support Thor as an advisor during the transition, and for as long as needed," Halldór Ragnar Gíslason stated.
In his farewell message, Gíslason also recalled that it had been almost three years since Thor Salmon's adventure began and took stock of what had been achieved so far, a point from which the new CEO, Steinþór Pálsson, will have to continue the work.
"Today, we are close to completing our smolt facility, and the start-feeding hall is already full of fish. We have also secured funding for the on-growing facility, which will have an estimated annual production capacity of around 5,000 tonnes, with groundwork already well underway," he summarized.
The company's Chairman spoke in the same vein. "Thor Salmon's development has met expectations and plans under the leadership of the current management team. The first phase of the grow-out facility has been financed and will have an annual production capacity of 4,750 tonnes," Jónas Engilbertsson said.
Thor Salmon is establishing a land-based hybrid flow-through salmon farm near Thorlakshofn, South Iceland, in a unique location that offers clean, high-quality seawater naturally filtered through lava at an optimal temperature for salmon farming.
Construction began in July last year, and the new hatchery, which features Innovasea technology, became operational last May when the first eggs were placed in the incubators, meaning that the fry are now well established.
According to the company's announcement on the appointment of its new CEO, first smolts are expected to enter the grow-out phase in summer 2026. Thor Salmon's long-term goal is to produce up to 20,000 tonnes of salmon annually.
In April, Thor Salmon secured ISK 4 billion (EUR 28.1 million) in funding from existing shareholders, with IS Haf Investments as the anchor investor, ensuring strong financial backing for ongoing growth.