Icelandic Group CEO Finnbogi Baldvinsson has stepped down, the Icelandic website AMX.is reported on Friday.
Baldvinsson’s departure comes just days after talks between Icelandic Group’s pension fund owners and German private equity fund Triton Partners to sell off the company’s U.S. and Asian operations broke down. Icelandic then opened up negotiations, with the intention to unload its U.S. and Asian operations separately.
According to AMX.is, Baldvinsson said he could not do so in good conscious, adding that breaking up the company is not in the best interest of its owners, employees, suppliers and customers.
Icelandic deputy CEO Ingvar Eyfjörð has also stepped down, reported AMX.is.
