New CEO At Air Atlanta Icelandic

As of 1 September 2001 Mr. Hafthor Hafsteinsson, VP Marketing, assumed the role of President and Chief Executive Officer of Air Atlanta from Mr. Arngrimur Johannsson. Mr. Hafsteinsson qualified as a commercial pilot and joined Air Atlanta in 1992 rising to VP Flight Operations and then moving to VP Marketing last year. Mr. Hafsteinsson is 35 years old. Mr. Arngrimur Johannsson will continue as Chairman of the Board of Air Atlanta Icelandic.


As of 1 September 2001 Mr. Hafthor Hafsteinsson, VP Marketing, assumed the role of President and Chief Executive Officer of Air Atlanta from Mr. Arngrimur Johannsson. Mr. Hafsteinsson qualified as a commercial pilot and joined Air Atlanta in 1992 rising to VP Flight Operations and then moving to VP Marketing last year. Mr. Hafsteinsson is 35 years old. Mr. Arngrimur Johannsson will continue as Chairman of the Board of Air Atlanta Icelandic.

Mr. Arnar Thorisson, VP Finance, will assume a new position as Executive Vice President together with his duties as VP Finance. Mr. Thorisson has been VP Finance with Air Atlanta since last year. Before joining Air Atlanta he was a Director of corporate IT and business development at Kilroy Travels International for 5 years located in Spain and Denmark. He received his MBA from IESE in Barcelona 1995. Mr. Thorisson is 37 years old.


Mr. David Masson will assume the role of VP Marketing. Mr. Masson has worked as the Ground Operations Manager since 1993 and as Assistant Vice President of Marketing of Air Atlanta since last year. Mr. Masson is 33 years old.


Mr. Arngrimur Johannsson and his family privately own the company with a 20 per cent interest held by the Icelandic bank Bunadarbankinn.

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Air Atlanta Icelandic has 17 wide bodied aircraft, operating on projects in Spain, Ireland, United Kingdom, France, Algiers and Saudi Arabia. Last year`s turnover was 140 million U.S. dollars but is estimated to rise to over 220 million U.S. dollars this year. The company has, as budgeted, shown positive financial results for the first 6 months of 2001.


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