Fly Play hf.: New CEO

Fly Play hf.: New CEO

Fly Play hf.'s Board of Directors and the Company's CEO, Birgir Jónsson, signed an employment termination agreement today. Einar Örn Ólafsson, the Company's current chairman of the board, will assume the role of PLAY's CEO.

Fly Play hf.'s Board of Directors has hired Einar Örn Ólafsson as the Company's new CEO. Einar Örn is one of PLAY's largest shareholders and has been chairman of the board since April 2021. He has rescinded his candidacy as a board member for the election of a new board at the Company's Annual General Meeting on March 21, 2024.

Einar Örn Ólafsson, PLAY's CEO:

"I am really looking forward to this new role. After a great ramp-up phase these past few years under Birgir's strong leadership, the Company is now at a turning point. As the Company's largest shareholder, I'd like to see my investment through. I am very familiar with PLAY's operations and employees and can see ample opportunities and exciting projects in the operation going forward. I'm grateful to PLAY's Board of Directors for their trust in me and I'd like to use the opportunity to thank Birgir for his contribution to PLAY and for our pleasant and productive collaboration during these past few years."

Einar Örn has been involved in the operation of numerous companies, both as an investor, executive and board member. He is Terra hf.'s Board Chairman and was previously the CEO of both Fjarðarlax and Skeljungur, as well as having extensive experience in capital markets. Einar Örn graduated with an MBA degree from NYU, Stern School of Business in 2003 and holds a B.Sc. degree in industrial engineering from the University of Iceland.

Birgir Jónsson, PLAY's retiring CEO:

"Being involved in building up PLAY airlines has been a real adventure. In a relatively short period of time, we have created a powerful Icelandic low-cost airline with outstanding products, services and a bright future. A competitive landscape in the aviation industry will result in lower fares, a diverse selection of destinations and valuable foreign tourists, which is especially important for an island like us. This competition is in the interest of all Icelanders. I therefore leave my position with immense pride. PLAY has now left its infancy and grown up to be a mature airline. I've had a good and close working relationship with Einar and leave the Company in his capable hands. I look forward to seeing PLAY flourish under his leadership. I'd like to thank our passengers and partners for this particularly enjoyable period. I will say goodbye to my incredible colleagues in person in the next few days."

Birgir will continue to work for PLAY until April 2, 2024, and will remain as an advisor for the Company for the next few months.