Steinþór Pálsson has been appointed CEO of Thor Salmon. He will oversee the ongoing construction and development of the company’s land‑based salmon farming operations in Þorlákshöfn.
Thor’s new CEO is an experienced executive with broad leadership experience in Iceland and internationally. In recent years, he has worked as an independent consultant. He previously served as a partner at KPMG and as CEO of Landsbankinn.
“There are enormous opportunities in land‑based salmon farming, especially in Iceland, where conditions are exceptional,” Pálsson says. “Thor is approaching a turning point. Strong preparation has laid the foundations for significant progress in the coming months, and I’m excited to be part of this development.”
New Smolt Facility in Operation
Thor’s hatchery and smolt facility began operations in May with the arrival of the first eggs. Construction began in July last year, and the facility will eventually produce up to 4 million smolts annually.
Board chairman Jónas Engilbertsson notes that Thor’s development has progressed as planned:
“Funding has been secured for the first grow‑out phase, which will have an annual capacity of 4,750 tonnes. Steinþór brings valuable experience, and his appointment further strengthens our management team,” he says.
Engilbertsson says Steinþór Pálsson is a strong addition to the team, with extensive experience in building companies at home and abroad.
“With his appointment, we are further strengthening the team and are confident that the future will be successful.”
Grow‑Out Production to Begin Next Year
The first smolts are expected to enter grow‑out in summer 2026. Thor’s long‑term goal is to produce up to 20,000 tonnes of salmon annually. In April, the company secured ISK 4 billion in new funding, led by IS Haf as the cornerstone investor.
Pálsson will lead the executive team alongside Jónatan Þórðarson (Head of Aquaculture) and Þórður Þórðarson (Legal Counsel).
Halldór Ragnar Gíslason, who has served as Managing Director, has stepped down but will continue to advise the new CEO throughout the transition. The board thanks him for his leadership in establishing and developing the company.
Steinþór Pálsson holds a Cand. Oecon. from the University of Iceland and an MBA from the University of Edinburgh. In addition to being a consultant and partner at KPMG and a banker at Landsbankinn, he was a managing director at Actavis, both in Iceland and abroad.
] Steinþór Pálsson is Thor Salmon’s new CEO.