Thorsteinn Már Baldvinsson steps down as Samherji’s CEO
Thorsteinn Már Baldvinsson, the CEO of Samherji, wrote a letter to all employees this morning, informing them of his decision to step down as CEO next June. The letter is as follows:
Dear colleagues.
I have decided to step down as CEO of Samherji hf. after serving in the role for 42 years, since the company was founded in 1983. My employment will conclude next month.
This week, the Board of Directors of Samherji hf. appointed Baldvin Thorsteinsson as CEO. As you know, Baldvin is one of Samherji’s largest shareholders and has been the company's Chairman since 2023.
The seafood industry has been my life's work, and it has been a true privilege to build this company alongside you over the past four decades. As I reach this milestone, there is much to reflect on from a long career, and I find it fitting to mention a few highlights of our journey.
The story began with a single trawler
The story of Samherji in its current form began in 1983 when my first cousins, the brothers Kristján and Thorsteinn Vilhelmsson, and I acquired the fishing company Samherji hf. in Grindavík. The company's main asset was the trawler Gudsteinn GK 140, built in Poland nine years earlier. After acquiring the vessel, we sailed it to its new home port in Akureyri, where it underwent significant modifications. These included converting the vessel into a freezer trawler, which was subsequently renamed Akureyrin EA 10. The trawler went on its first fishing trip in December 1983, which marked the beginning of Samherji's modern operations.
Since then, Samherji has grown and prospered into one of Iceland’s largest fisheries companies. Samherji is a vertically integrated seafood enterprise that engages in fishing and processing, sales, and land-based aquaculture. The company has made significant investments in fish processing in recent years and operates one of the world’s most technologically advanced land-based processing plants for demersal fish in Dalvík. Samherji’s headquarters have always remained in Akureyri, with most of its operations located in the Eyjafjördur area.
A history of innovation and entrepreneurship
From the outset, Samherji has focused on reinvesting its profits into the business through building new vessels, constructing new processing plants, and introducing new technology and equipment. Significant investments in operations are reflected in the company's high equity ratio.
Many innovative technologies used in Samherji’s operations were developed in close collaboration with Icelandic high-tech companies, which later successfully marketed these solutions internationally. Thus, the company has been a consistent force for entrepreneurship throughout its history.
In 1994, Samherji began investing in foreign fisheries companies and was, for many years, heavily involved in catching and processing abroad. Samherji owned fishing companies throughout Europe and North America before the group was split into separate entities in 2018. Four years later, at the end of 2022, the foreign operations were sold and have since been under the ownership of Alda Seafood in the Netherlands.
The company's future is bright
Throughout my time as CEO, close collaboration with my fellow founders and shareholders has been crucial. I would especially like to mention Kristján Vilhelmsson, Managing Director of Samherji's vessel operations, Kolbrún Ingólfsdóttir, Helga Steinunn Gudmundsdóttir and their families. My close working relationship with my cousin Kristján, built on deep mutual trust, has been the cornerstone of the operations.
I decided a long time ago that I would step down as CEO on my own terms before I got old and grumpy. After more than four decades in this demanding role, it is natural to feel like stepping down, and the timing is right. When my cousins and I started the business, the office was in the kitchen at home, but today, Samherji employs over 800 people on the group level. I am immensely proud of this team.
Fisheries have been my passion, purpose and life's work. I received my first paycheck at the age of 12 at Útgerdarfélag Akureyringa (ÚA), which celebrates its 80th anniversary next week. The fishing and processing industry in Iceland has undergone significant changes in recent decades, not least due to rapid technological advancement. I have been fortunate to experience them and contribute as a direct participant.
At this milestone, I am most grateful for the collaboration with all the dedicated and talented employees that we were fortunate enough to recruit to Samherji. You are the heart of this company. Without your efforts, our achievements would not have been possible. With you, I am convinced that the future of the company is bright, provided that the government ensures a stable operating environment for the industry.
While this decision of mine marks a turning point, I have not retired entirely, as I continue to serve on the boards of companies. These are Samherji fiskeldi ehf. (Samherji Fish Farming) and Síldarvinnslan hf. in Neskaupstaður, where I have been Chairman of the Board since 2003.
Best regards,
Thorsteinn Már Baldvinsson
