Shareholder information


The Össur stock price increased by 68% in 2019, compared to an increase of 29% of the OMXC25GI index, a leading index for the Danish equity market. Össur returned USD 39 million to its shareholders in 2019, in the form of USD 30 million share buybacks and USD 9 million in dividends.

Össur‘s stock is listed on Nasdaq Copenhagen and was the 24th largest company listed on Nasdaq Copenhagen when measured in terms of market value at year-end 2019.

Key information table

Market

Market

CPH (DKK)

ISIN

ISIN

IS0000000040

Ticker

Ticker

OSSR

Industry

Industry

Health Care

Nr. of shares

Number-shares

425,377,804

The share capital of Össur is ISK 425,377,804 nominal value, divided into the same number of shares. There is only one class of shares and all shares carry one vote.

Össur’s largest shareholder is William Demant Invest A/S (WDI) which held 52% of the total shares and 52% of the voting rights at year-end 2019. WDI has been invested in Össur since 2004. According to an announcement by WDI, their intention is to hold between 50-60% of Össur’s shares going forward. Apart from Össur, the fund’s investment activities include a majority share in William Demant Holding A/S, a leading provider of hearing aids, and Vision RT in addition to minority holdings in Jeudan A/S, Vitrolife AB, and Cellavision AB.

In addition, ATP Pension Fund, The Pension Fund of Commerce, LSR Pension Fund, and Invesco Adviser, Inc. had announced holdings above 5% in Össur at year-end 2019.

At year-end, about ~88% of Össur‘s shareholders were located in Scandinavia. The remaining ~12% of the shares are held by investors residing in other countries.

Shareholder information

Ownership structure

  • The William Demant Foundation is a Danish charitable business foundation that support projects within the areas of research, education, culture and selected social areas.
  • William Demant Invest manages the investment activities
  • When investing in new companies, William Demant Invest generally looks for the following industy and company traits:
    • Medtech/healtcare industries
    • Strong underlying market factors such as demographic trends and structural growth
    • Niche industries with consolidation potential
    • Companies and products with proof of concept and existing revenue, i.e. not biotechnology/clinical trials
    • Stable cash flow generation or the potential to achieve it in a short to medium term
Ownership Structure

Stock performance

Össur’s share price increased by 68% in 2019, from DKK 31.1 per share at year-end 2018 to DKK 52.3 per share at year-end 2019. The rise in share price increased Össur’s market capitalization to DKK 22.2 billion (USD 3.3. billion) at year-end 2019 from DKK 13.4 billion (USD 2.1 billion) at year-end 2018.

Stock performance

Updated Capital Structure and Dividend Policy

Össur’s Board of Directors has approved an updated Capital Structure and Dividend Policy. The level of net interest-bearing debt to EBITDA has been increased to 1.5-2.5x from the previous 1.0-2.0x. The increase is only due to the implementation of IFRS 16 which impacted both net interest-bearing debt and EBITDA. The updated policy is:

The key objective of the Capital Structure and Dividend Policy is to maintain a healthy balance sheet and a level of net interest-bearing debt of 1.5-2.5x to EBITDA. Össur will prioritize value-adding investment opportunities and acquisitions while excess capital is returned to shareholders via annual cash dividends and/or purchase of own shares. Össur’s policy is to distribute a relatively stable cash dividend which will be decided annually in DKK per share. Return of capital to shareholders is based on objectives of maintaining a solid financial position, operational outlook and investment requirements. In order to maintain flexibility, Össur can temporarily exceed the level of net interest-bearing debt to EBITDA should additional attractive acquisition opportunities present themselves.

Share buybacks and dividends

During 2019, Össur purchased 4,784,631 of own shares (approx. 1.1% of outstanding shares) under share buyback programs. The total purchase price was DKK 201 million (USD 30 million). The purpose of the share buyback programs is to adjust the capital structure in line with a desired capital level of 1.5-2.5x net interest-bearing debt to EBITDA outlined in Össur’s Capital Structure and Dividend Policy. At year-end 2019, treasury shares totaled 3,359,631.

The Board of Directors will propose to the Annual General Meeting in 2020 to reduce the share capital by way of cancelling shares acquired in 2019 amounting to 2,377,804 of Össur’s own shares of ISK 1 nominal value each. If the Annual General Meeting approves the motion, the number of outstanding shares will be 423,000,000.

Dividends

The Board of Directors will propose to the Annual General Meeting in 2020 that Össur pays a cash dividend of DKK 0.15 per share for 2019, equivalent to approx. 14% of net profit in 2019, compared to DKK 0.14 per share for 2018, an increase of 7% per share. If the Annual General Meeting approves the motion, the dividend for 2019 will be paid out on March 26, 2020 and the last trading day with right to dividend for 2019 is March 12, 2020.

Share buybacks and dividends

Over the last five years, Össur has paid out USD 171 million to shareholders in the form of share buybacks and dividends.

Financial calendar

Annual General Meeting 12 March 2020
Interim Report Q1 2020 30 April 2020
Interim Report Q2 2020 23 July 2020
Interim Report Q3 2020 27 October 2020
Interim Report Q4 2020 and Annual Report for 2020 2 February 2021
Annual General Meeting 8 March 2021

According to the Articles of Association, the Annual General Meeting (AGM) shall be held before the end of April. The meeting is convened with at least three weeks’ notice. The AGM results are sent to the news system of Nasdaq immediately following the meeting and are also made available on the corporate website. Össur’s AGM will be held at the Company's headquarters in Iceland on 12 March 2020.

Investor relations

Össur’s policy is to disclose financial and corporate information to provide investors, analysts, and other stakeholders with comprehensive and accurate information to help them understand Össur’s current and expected outlook. Five sell-side equity analysts currently cover Össur.

Visit our website for financial reports, announcements, presentations, financial calendar, upcoming events, share information, and information on Össur: ossur.com/investors

Contact Investor Relations
David Hreidarsson
Investor Relations Manager
Tel.: +354 515 1380
e-mail: [email protected]

User Stories

Paola Antonini

Brazilian fitness model Paola Antonini was at the beginning of a promising career when she was a victim of a drunk driver. Her left leg was severely crushed and despite four attempts to repair her injuries, amputation was determined to be the best course of action.

“At that moment, I didn’t care what that meant for my modeling career or the rest of my life; I just wanted the pain to go away.”

Today, nearly five years later, she lives life without limitations as a successful working model, social media influencer, columnist, positive body image advocate and amputee.

Physiotherapy began immediately, and frustration and negativity gave way to determination and confidence. Paola did not want to be defined nor limited by her injuries. In April 2016, she proudly shared a modeling photo which highlighted her amputated leg. The post went viral and earned her worldwide recognition as a source of inspiration to others in similar situations. Focused on resuming her modeling career, Paola continued to engage on social media, documenting her progress and setbacks, quickly amassing over 2.5 million followers.

“I really want to show people that anything is possible, and life doesn’t have to stop because of an amputation. No way! We can do whatever we want.”

Corporate Governance


Recommendations on Corporate Governance

Össur applies the Danish Recommendations on Corporate Governance (“Recommendations”) as the Company’s shares are solely traded on Nasdaq Copenhagen and Össur is not subject to a corporate governance code in Iceland. The Recommendations are the best practice guidelines for companies admitted to trading on a regulated market in Denmark. For further information see clause 2.5 and explanations to clause 4.1 in Nasdaq Copenhagen’s rules for issuers of shares.

Each year the Board of Directors evaluates and decides to what extent the Company should comply with the Recommendations and consequently whether relevant rules, policies and processes should be adopted or amended. When reporting on corporate governance, Össur comments and provides information on each recommendation. In the few cases where Össur has decided to deviate from the Recommendations, the “comply or explain” principle is applied, and well-founded explanations are provided why the relevant recommendation is not considered appropriate or desirable for the Company.

Össur’s Corporate Governance Report is approved by the Board of Directors. The Report includes both the statutory statement on corporate governance as well as comments and information on each item in the Recommendations. The report is available here on Össur’s website.

Governance Structure

Shareholders’ Meetings

The supreme authority in Össur’s affairs is in the hands of lawful Shareholders’ Meetings, within the limits provided for in the Company’s Articles of Association and law.

At each Annual General Meeting the shareholders confirm the Company’s consolidated financial statements, approve the Company’s remuneration policy and decide on remuneration for the Board of Directors. The Board of Directors and an auditor are also elected at the Annual General Meeting, for a term of one year. Other resolutions are made on an ad-hoc basis, such as amendments to the Company’s articles of association (including capital reductions or authorizations for the Board of Directors to increase share capital) as well as authorizations to the Board of Directors (including to purchase own shares, initiate share buyback programs, or initiate share incentive programs).

Resolutions at Shareholders’ Meetings generally require a simple majority. However, resolutions to amend the Company’s Articles of Association usually require two-thirds of the votes cast and capital represented.

William Demant Invest A/S holds the voting majority at Össur’s Shareholders’ Meetings due to its majority ownership of the Company.

Minutes of Shareholders’ Meetings are available here on Össur’s website.

Board member Responsibilities Independent Nationality Residence Board tenure
Niels Jacobsen Chairman of the Board No Danish Denmark 2005
Kristján Tómas Ragnarsson Vice Chairman of the Board No Icelandic USA 1999
Arne Boye Nielsen Chairman of the Audit Committee No Danish Denmark 2009
Guðbjörg Edda Eggertsdóttir Member of the Audit Committee Yes Icelandic Iceland 2013
Svafa Grönfeldt Member of the Audit Committee Yes Icelandic USA 2008

Board of Directors

The Board of Directors is the supreme authority in Össur’s affairs between Shareholders’ Meetings. The Board has various roles and responsibilities, including establish goals for the Company and formulate the policy and strategy to achieve those goals, hire a CEO to manage the Company’s daily operations, supervise the Company’s activities and ensure that the Company’s organization and operations are in good and proper order, ensure adequate surveillance of the accounting and financial management of the Company, and evaluate the Company’s capital structure as well as the performance of the Board and the CEO. The Board’s roles and responsibilities are further described in the Board’s rules of procedure, which are available  here on Össur’s website.

The Board of Directors' Annual Wheel

Quarter 1

February Meeting

  • Full -year results
  • Corporate Governance Statement
  • Capital Structure and Dividend Policy
  • Agenda for the Annual General Meeting

March Meeting

  • Election of Chairman and Vice Chairman
  • Appointment of Audit Commitee
  • Review of Internal Rules

Annual General Meeting

The Board of Directors is composed of five individuals, all elected by the shareholders at the Annual General Meeting for a term of one year. The Board shall be represented by at least 40% of each gender, and currently there are three men and two women on the Board. The Board members have all served for several years, which ensures consistency and good insights into the Company’s business and markets.

The Chairman and the Vice Chairman of the Board of Directors are elected each year following the Company’s Annual General Meeting. The Chairman’s main responsibility is to ensure that the Board performs its duties in an orderly and efficient manner. In the absence of the Chairman, the Vice Chairman performs his duties. Niels Jacobsen has served as the Chairman since 2006 and Kristján Tómas Ragnarsson as the Vice Chairman since 2012.

The Board of Directors conducts a performance evaluation each year, which includes evaluation of individual contribution, co-operation within the Board and with the CEO, the Chairman’s leadership and setup of meetings, quality of board material, committee structure, etc. The Board also evaluates its composition each year to ensure that the members of the Board have between them the relevant knowledge, professional experience, expertise and skills required to perform the Board’s tasks in the best interest of the Company. The Chairman oversees the evaluation process and proposes the actions to be taken, if any. The Chairman shall seek external assistance at least every three years.

Further information on each member of the Board of Directors is available here on Össur’s website.

Board member Board Meetings attended
Niels Jacobsen                
Kristján Tómas Ragnarsson                
Arne Boye Nielsen                
Guðbjörg Edda Eggertsdóttir                
Svafa Grönfeldt                

Audit Committee

The Audit Committee acts as an advisor to the Board of Directors but has no authority to take any decision on behalf of the Board. The principal duty of the Audit Committee is to ensure good quality of the Company’s Consolidated Financial Statements and other financial information as well as the independence of the Company’s Auditors. The Audit Committee’s role and responsibilities are further described in the Audit Committee’s rules of procedure, which are available here on Össur’s website.

The Audit Committee is composed of three Board Members. The majority of the Audit Committee shall be independent of the Company, the CEO and the Auditor. The Members of the Audit Committee shall possess the knowledge and expertise needed to perform the tasks of the Audit Committee. At least one Member of the Audit Committee shall have solid knowledge and experience in the field of financial statements or auditing. Arne Boye Nielsen has served as the Chairman of the Audit Committee since 2012.

Further information on each member of the Audit Committee is available here on Össur’s website.

Board member* Audit Committee Meetings attended
Niels Jacobsen*          
Kristján Tómas Ragnarsson*          
Arne Boye Nielsen          
Guðbjörg Edda Eggertsdóttir          
Svafa Grönfeldt          

*Attends the meeting in his capacity as Chairman or Vice Chairman of the Board.

Executive Board

According to Össur’s Articles of Association the Executive Board is formally composed of the CEO alone. He is not a member of the Board of Directors.

The CEO is responsible for the Company’s daily operations and is obliged to follow the Board of Directors’ policy and directions, within the limits provided for by the Company’s articles of association and law. The daily operations do not include measures that are unusual or extraordinary, which may generally only be taken if specially authorized by the Board.

The Board of Directors evaluates the CEO’s performance each year and then the Chairman of the Board and the CEO have a meeting to discuss the results of the evaluation and the actions to be taken, if any.

Össur also has a wider executive committee consisting of the CEO, the CFO and Executive Vice Presidents (“Executive Management”). The Executive Management generally meets every week and collectively prepares and implements the Company’s strategic plans. The CEO is responsible for the work and results of the Executive Management. The CEO evaluates the performance of the Executive Management each year and discusses the results of the evaluation with each member and the actions to be taken, if any.

Further information on each member of the Executive Management is available here on Össur’s website.

Corporate Social Responsibility


Össur joined the UN Global Compact in 2011 and signed the UN Women’s Empowerment Principles in 2014. In 2019, Össur evaluated its impact on the UN Sustainable Development Goals and will start to report on the goals accordingly.

Össur’s contribution to the UN Sustainable Development Goals (SDG) 

Össur’s largest impact on society is through the Company’s innovative products, research activities and expertise in the field of prosthetics and bracing and supports. Össur works with individuals, clinicians and diverse communities around the world to support a better quality of life and increase the mobility of millions of people. Consequently, Össur’s greatest impact on the SDGs is on Goal 3, Good Health and Well-Being. Additionally, Össur will also contribute to Goal 5 on Gender Equality, Goal 12 on Responsible Consumption and Production and Goal 13 on Climate Action. 

Össur’s sustainability vision is to provide products and services that contribute to good health, using responsible production methods and supporting climate action, while being a sponsor for gender equality. 

Goal 3

Goal 3

Our Focus Project

Improve access to healthcare for amputees 

Globally, only 30-40% of new lower limb amputees are fitted with a prosthetic solution. The average age is between 65-70 years and vascular related amputations are above 80%. Statistics demonstrate that if amputees in this age group do not become mobile, life-expectancy is materially reduced. Physical activity and exercise can have immediate and long-term health benefits and more importantly, regular activity can improve quality of life. Össur is adding special focus on designing products that support the needs of this age group. 

Main targets supporting this goal:

  • Design and market functional products for elderly
  • Initiate and/or support clinical investigations focusing on clinical benefits related to more functional products for this user group
  • Engage with industry specialists and decision makers to secure access to more functional products for this demographic

Goal 5

Goal 5

Our Ongoing Commitment

Össur believes in diversity in its broadest sense. Rooted in our Nordic heritage is the importance of gender equality and women’s positive contribution to the workplace and the society.

Main targets supporting this goal:

  • Maintain an even gender split amongst employees (+/-5%)
  • Increase management positions held by women
  • Encourage greater diversity and inclusiveness in the industry

Goal 12

Goal 12

Our Products

Reducing the environmental footprint of our products

Össur is taking a product-centric approach to environmental management and aims to reduce the product’s environmental footprint throughout the full lifecycle, from development, through production, use and disposal.

Main targets supporting this goal:

  • Sustainable product development
  • Material choices, recyclable and safe materials
  • Reduce plastics in final product packaging
  • Explore opportunities for circular business models

Goal 13

Goal 13

Taking Action

Actively working towards a carbon neutral operation 

Össur is committed to reducing its Greenhouse Gas Emissions and improving the efficiency of our energy and resource consumption before looking into offsetting options

Main targets supporting this goal:

  • Reduce emissions from business travel and freight.
  • Improve energy efficiency and aim for renewable energy options.
  • Reduce waste and increase recycling. 

ESG measurements

Össur has reported in accordance with the Nasdaq’s voluntary guidelines for Environmental, Social, and Corporate Governance (ESG) since it was first issued in 2017. The Nasdaq guide focuses on the 30 ESG metrics, 10 metrics for each category.

Environment

Össur has a certified environmental management system in accordance with ISO 14001:2015 at the biggest manufacturing and distribution locations.

Environmental Metrics
Environmental Metrics 2017 2018 2019
E1 GhG Emissions
Total amount, in CO2 equivalents, for Scope 1 43 38 360
Total amount, in CO2 equivalents, for Scope 2 3,480 3,700 3,600
Total amount, in CO2 equivalents, for Scope 3 1,280 1,660 7,100
Emissions neutralized by carbon offset projects, in Tonnes CO2 equivalents -660 -880 -1,000
E2 Emissions Intensity
Total GhG emissions per revenue (tCO2e/USD Million) 4 4 16
E3 Energy Usage
Total amount of energy directly consumed (MWh) 14.110 15.830 18.550
E4 Energy Intensity
Total Energy usage per revenue (MWh/USD Million) - 23 27
E5 Energy Mix
Energy usage by generation type
Fossil Fuel (%) 41% 41% 46%
Nuclear Energy (%) 0% 2% 4%
Renewable Energy (%) 59% 57% 50%
E6 Water Usage
Total amount of water consumed (m3) 80.000 94.000 95.400
E7 Environmental operations
Does your company follow a formal Environmental Policy? Yes, No Yes Yes Yes
Does your company follow specific waste, water, energy, and/or recycling polices? Yes/No Yes Yes Yes
Does your company use a recognized energy management system? Yes/No No No Yes
E8 Climate Oversight / Board
Does your Board of Directors oversee and/or manage climate-related risks? Yes/No No No No
E9 Climate Oversight / Management
Does your Senior Management Team oversee and/or manage climate-related risks? Yes/No No No No
E10 Climate Oversight / Management
Total amount invested, annually, in climate-related infrastructure, resilience, and product development. n/a n/a n/a

Össur is continuously improving its Greenhouse gas emission reporting with more extensive data from suppliers and service providers.

In 2019, the main changes are:

  • Emission from global business travel added. This explains the increase in Scope 3 emission in 2019 and Emission Intensity.
  • A new environmental management software solution implemented, providing improved overview of envionmental aspects. This explains the increase in Scope 1 emission, reflecting local gas consumption.
  • For more detailed information, see Össur's CSR report.

Social

Below social metrics in accordance with the Nadsaq ESG guidance. Further details on other initiative are discussed in Össur’s CSR report.

Social Metrics
Social Metrics 2017 2018 2019
S1 CEO Pay Ratio
CEO total compensation to median FTE total compensation 25 22 21
Does your company report this metric in regulatory filings? Yes/No Yes Yes Yes
S2 Gender Pay Ratio
Equal pay audit Yes Yes Yes
S3 Employee Turnover Ratio
Year-over-year change for full-time employees 13% 15% 10%
Year-over-year change for part-time employees n/a n/a n/a
Year-over-year change for contractors and/or consultants n/a n/a n/a
S4 Gender Diversity
Total enterprise headcount held by men and women M 52% / F 48% M 51% / F 49% M 51% / F 49%
Entry- and mid-level positions held by men and women M 63% / F 37% M 64% / F 36% M 62% / F 38%
Senior- and executive-level positions held by men and women M 77% / F 23% M 80% / F 20% M 74% / F 26%
S5 Temporary Worker Ratio
Total enterprise headcount held by part-time employees 3% 4% 8%
Total enterprise headcount held by contractors and/or consultants n/a n/a 124
S6 Non-Discrimination Policy
Does your company follow a sexual harassment and/or non-discrimination policy? Yes/No Yes Yes Yes
S7 Injury rate
Percentage: Frequency of injury events relative to total workforce time 1.7 1.1 0.6
S8 Global Health and Safety policy
Does your company follow an occupational health and/or global health & safety policy? Yes/No Yes Yes Yes
S9 Child & Forced Labor Policy
Does your company follow a child and/or forced labor policy? Yes/No Yes Yes Yes
If yes, does your child and/or forced labor policy See also: cover suppliers and vendors? Yes/No Yes Yes Yes
S10 Human Rights Policy
Does your company follow a human rights policy? Yes/No Yes Yes Yes
If yes, does your human rights policy See also: cover suppliers and vendors? Yes/No Yes Yes Yes

Corporate Governance

Össur’s Corporate Governance reporting complies with the Danish Recommendations on Corporate Governance. Further details on the Corporate Governance Reporting can be found in the Corporate Governance Statement on Össur’s website:  ossur.com/corporate/investor-relations/corporate-governance

Governance Metrics
Governance Metrics 2017 2018 2019
G1 Board Diversity
Percentage: Total board seats occupied by women (as compared to men) M 60% / F 40% M 60% / F 40% M 60% / F 40%
Percentage: Committee chairs occupied by women (as compared to men) M 100% / F 0% M 100% / F 0% M 100% / F 0%
G2 Board Independence
Does company prohibit CEO from serving as board chair? Yes/No Yes Yes Yes
Percentage: Total board seats occupied by independents D 60% / I 40% D 60% / I 40% D 60% / I 40%
G3 Incentivized Pay
Are executives formally incentivized to perform on sustainability? Yes/No No No No
G4 Collective Bargaining
Total enterprise headcount covered by collective bargaining agreement(s) n/a n/a 41%
G5 Supplier Code of Conduct
Are your vendors or suppliers required to follow a Code of Conduct? Yes/ No n/a n/a Yes
If yes, what percentage of your suppliers have formally certified their compliance with the code? n/a n/a 76%
G6 Ethics & Anti-Corruption
Does your company follow an Ethics and/or Anti-Corruption policy? Yes/No Yes Yes Yes
If yes, what percentage of your workforce has formally certified its compliance with the policy? 91% 91% 91%
G7 Data Privacy
Does your company follow a Data Privacy policy? Yes/No Yes Yes Yes
Has your company taken steps to comply with GDPR rules? Yes/No Yes Yes Yes
G8 ESG Reporting
Does your company publish a sustainability report? Yes/No Yes Yes Yes
Is sustainability data included in your regulatory filings? Yes/No Yes Yes Yes
G9 Disclosure Practices
Does your company provide sustainability data to sustainability reporting frameworks? Yes/No Yes Yes Yes
Does your company focus on specific UN Sustainable Development Goals (SDGs)? Yes/No No No Yes
Does your company set targets and report progress on the UN SDGs? Yes/No No No Yes
G10 External Assurance
Are your sustainability disclosures assured or validated by a third party? Yes/No Third party assurance and third party audits are perfomed on vast majority of the CSR data, further details in the CSR report

Further information about Össur’s CSR activities can be found in the progress report, available on the Company’s website: www.ossur.com/CSR

Board of Directors


Niels Jacobsen

Niels Jacobsen

Chairman of the Board of Directors

Niels Jacobsen

Chairman of the Board of Directors


Click to read full bio

Niels Jacobsen

Chairman of the Board of Directors

Born in 1957

Member of the board of directors since the year 2005


Education

Master’s degree in Business Administration from the University of Aarhus in Denmark

Board positions

KIRKBI A/S, deputy chairman
Nissens A/S, chairman
Thomas B. Thrige Foundation, chairman
ABOUT YOU Holding GmbH, deputy chairman

Additional duties related to William Demant Invest and Demant:

  • Jeudan A/S, chairman
  • Össur hf., chairman
  • Vision RT Ltd., chairman
  • Founders A/S, chairman
  • Boston Holding A/S, board member
  • Sennheiser Communications A/S, board member

Experience

Mr. Jacobsen has broad management experience both as CEO and as chairman in major international companies, he is currently the CEO of William Demant Invest. Previous positions include CEO of William Demant Holding, President of Orion A/S and Vice President overseeing corporate affairs for both Atlas Danmark A/S and Thrige-Titan A/S.

Shares held in Össur

203,330 (incl. related parties).
Mr. Jacobsen holds no share options in the Company.

Other

Mr. Jacobsen has no interest links with the Company’s main clients or competitors.
Mr. Jacobsen is a dependent member of the Board.

 

Kristjan Tomas Ragnarsson

Dr. Kristjan Tomas Ragnarsson

Vice Chairman of the Board of Directors

Dr. Kristjan Tomas Ragnarsson

Vice Chairman of the Board of Directors


Click to read full bio

Dr. Kristjan Tomas Ragnarsson

Vice Chairman of the Board of Directors

Born in 1943

Member of the board of directors since the year 1999


Education

Certified by the American Board of Physical Medicine and Rehabilitation University of Iceland’s School of Medicine

Experience

Between 1986 and 2016, Dr. Ragnarsson served as the Chairman and Lucy Moses Professor of the Department of Rehabilitation Medicine for the Mount Sinai Medical Center in New York City. He has also served in multiple other leadership positions at Mount Sinai and various professional organizations.

Shares held in Össur

Dr. Ragnarsson holds no shares nor share options in the Company.

Other

Dr. Ragnarsson has no interest links with the Company’s main clients, competitors, or major shareholders.
Dr. Ragnarsson is a dependent member of the Board.

 

Arne Boye Nielsen

Arne Boye Nielsen

Member of the Board of Directors

Arne Boye Nielsen

Member of the Board of Directors


Click to read full bio

Arne Boye Nielsen

Member of the Board of Directors

Born in 1968

Member of the board of directors since the year 2009


Education

Master’s degree in Business Administration from the Copenhagen Business School in Denmark

Board positions

Sennheiser Communications A/S (member)
Interacoustics A/S (president)

Experience

Mr. Nielsen has spent his entire career with William Demant Holding A/S in various and expanding roles throughout the world. After working as a management assistant to Mr. Niels Jacobsen and as an interim General Manager of Oticon Australia Pty Ltd. Mr. Nielsen assumed, in 1996, his current position as President of Diagnostic Instruments and Personal Communication in Demant, which has operations worldwide.

Shares held in Össur

Mr. Nielsen neither has shares nor share options in the Company.

Other

Mr. Nielsen has no interest links with the Company’s main clients or competitors.
Mr. Nielsen is a dependent member of the Board.

 

Svafa Grönfeldt

Dr. Svafa Grönfeldt

Member of the Board of Directors

Dr. Svafa Grönfeldt

Member of the Board of Directors


Click to read full bio

Dr. Svafa Grönfeldt

Member of the Board of Directors

Born in 1965

Member of the board of directors since the year 2008


Education

Doctorate in Industrial Relations from the London School of Economics

Experience

Dr. Grönfeldt is the senior advisor to the Dean at the Massachusetts Institute of Technology SA+P, a founding member of MIT’s newest innovation accelerator DesignX, and a co-founder of the MET fund, a Cambridge based seed investment fund. Previous positions include Chief Organizational Development Officer of Alvogen, President of Reykjavik University, deputy to the CEO of Actavis Group, Assistant Professor of Economics and Business Administration at the University of Iceland.

Shares held in Össur

Dr. Grönfeldt holds no shares nor share options in the Company.

Other

Dr. Grönfeldt has no interest links with the Company’s main clients, competitors, or major shareholders.
Dr. Grönfeldt is an independent Board member.

 

Gudbjorg Edda Eggertsdottir

Gudbjorg Edda Eggertsdottir

Member of the Board of Directors

Gudbjorg Edda Eggertsdottir

Member of the Board of Directors


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Gudbjorg Edda Eggertsdottir

Member of the Board of Directors

Born in 1951

Member of the board of directors since the year 2013


Education

Master’s degree (Pharm.) from Copenhagen University

Board positions

Brunnur Investment Fund (chairman) Coripharma Holding ehf (chairman)
Florealis ehf. (chairman)
Orf Genetics hf. (member)
Vistor hf. (member)
Heilsulausnir ehf. (chairman)
Saga Medica ehf. (member)
Pretium ehf. (chairman)

Experience

Previous positions include President & EVP Strategic Projects of Actavis Plc in Iceland, a global integrated specialty pharmaceutical company; Deputy CEO and EVP Third Party Sales at Actavis Group hf.; Deputy CEO, Head of R&D, Assistant Managing Director, Development Manager, Regulatory Manager and Marketing Manager at Delta hf.; and Medical Representative at Pharmaco hf. She was the President of the European Generic Medicines Association from 2011-2013.

Shares held in Össur

26,318 (incl. related parties). Ms. Eggertsdóttir holds no share options.

Other

Ms. Eggertsdóttir has no interest links with the Company’s main clients or competitors.
Ms. Eggertsdóttir is an independent member of the Board.

 

Executive Management


Jon Sigurdsson

Jon Sigurdsson

President and Chief Executive Officer

Jon Sigurdsson

President and Chief Executive Officer


Click to read full bio

Jon Sigurdsson

President and Chief Executive Officer

Born in 1956

With Össur since the year 1996


Education

Master’s degree in Business Administration (MBA) from the United States International University in San Diego.

Bachelor’s degree in industrial engineering from Odense Technical College in Denmark.

Board Positions

Vitrolife AB
The Icelandic American Chamber of Commerce

Experience

Jón has been the CEO of Össur since 1996 and prior to that he was the Commercial Counselor for the Icelandic Trade Council in New York (1992- 1996), Chief Financial Officer at Álafoss (1989-1991), Head of the International Division of Eimskip (1986-1989) and an Engineer for Bang and Olufsen Denmark (1982- 1984).

Jón’s experience as a member of the Board of Directors in other companies/ organizations includes:

  • Rio Tinto Alcan Iceland 2003-2015
  • The Icelandic Chamber of Commerce 2002-2012
  • Reykjavik University from 2002-2009
  • Samherji hf. from 2002-2006
  • The Icelandic Trade Council from 1997-2003
  • Research Liaison Office of the University of Iceland from 1996-2001

Shares held in Össur

525,540

 

Egill Jonsson

Egill Jonsson

EVP of Manufacturing and Operations

Egill Jonsson

EVP of Manufacturing and Operations


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Egill Jonsson

EVP of Manufacturing and Operations

Born in 1957

With Össur since the year 1996


Education

Master’s degree in Mechanical Engineering from the Technical University in Copenhagen (DTU)

Bachelor degree in Engineering from the University of Iceland

Board positions

Federation of Icelandic Industries

Experience

Egill has led the M&O function since he joined in 1996. He was formerly a Project Manager at VGK hf, an Engineering firm in Reykjavik (1985-1996).

Shares held in Össur

822,749 (incl. related parties)

 

Gudjon G. Karason

Gudjon G. Karason

EVP of Clinics

Gudjon G. Karason

EVP of Clinics


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Gudjon G. Karason

EVP of Clinics

Born in 1969

With Össur since the year 1998


Education

Master’s degree in Engineering from the University of Iceland

CS degree in Mechanical Engineering from the University of Iceland

Board positions

OTB (Swedish O&P Industry Association) (chairman)

Experience

Gudjon has been with Össur since 1998, and has since then worked in R&D, Marketing, Sales, and Clinics in multiple positions. Prior to joining Össur, Gudjon worked as Development Manager for a couple of smaller industrial companies in Iceland.

Shares held in Össur

42,743

 

Margret Lara Fridriksdottir

Margret Lara Fridriksdottir

EVP of Human Resources and Corporate Strategy

Margret Lara Fridriksdottir

EVP of Human Resources and Corporate Strategy


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Margret Lara Fridriksdottir

EVP of Human Resources and Corporate Strategy

Born in 1978

With Össur since the year 2000


Education

Master’s degree in Management and Strategy from the University of Iceland

Bachelor degree in Business Administration from the University of Iceland

Experience

Margret has been with Össur since 2000 in various roles in finance and human resources.

Shares held in Össur

16,300

 

Dr. Kristleifur Kristjansson

Dr. Kristleifur Kristjansson

EVP of Research and Development

Dr. Kristleifur Kristjansson

EVP of Research and Development


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Dr. Kristleifur Kristjansson

EVP of Research and Development

Born in 1955

With Össur since the year 2012


Education

Medical Doctor degree from the University of Iceland

Board-Certified Pediatrician from the Medical College of Georgia

Clinical and molecular genetics fellowship from the Baylor College of Medicine in Houston, Texas

Certified Pediatrician and Clinical Geneticist in Iceland from 1993

Board positions

Skraeda ehf. (chairman)

Experience

Dr. Kristjansson joined Össur in 2012, for the first 5 years as Medical Officer and another 2 years as Medical Officer and VP of Clinical Affairs. Dr. Kristjansson’s previous positions include co-founder and VP of Clinical Affairs and Collaborations at deCODE genetics ehf. 1995 to 2012 and co-founder and CEO of Pediatric Services in Iceland 1995 to 2014. Dr. Kristjansson has acted as a consulting Pediatrician and Clinical Geneticist for the University Hospital, Landspitalinn Reykjavik Iceland, from 1998 to the present, and he is the Founder of Skraeda ehf.

Shares held in Össur

1,850

 

Olafur Gylfason

Olafur Gylfason

EVP of Sales & Marketing

Olafur Gylfason

EVP of Sales & Marketing


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Olafur Gylfason

EVP of Sales & Marketing

Born in 1969

With Össur since the year 1997


Education

Master’s degree in International Business Economics from Alborg University in Denmark

Bachelor degree in Business Administration from Bifrost School of Business in Iceland

Experience

Olafur has been with Össur since 1997; from 2001-2013 as the Managing Director of EMEA and before that in emerging markets.

Shares held in Össur

9,517

 

Sveinn Solvason

Sveinn Solvason

Chief Financial Officer

Sveinn Solvason

Chief Financial Officer


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Sveinn Solvason

Chief Financial Officer

Born in 1978

With Össur since the year 2009


Education

Master’s degree in Finance and Accounting (Cand.Merc.FIR) from Copenhagen Business School

Bachelor degree in International Business from Copenhagen Business School.

Board positions

Icelandic Chamber of Commerce

Experience

Sveinn has been with Össur since 2009, previously as Director of Treasury and Corporate Development. Prior to joining Össur he worked at Marel, Kaupthing Bank, Goldman Sachs and HSH Nordbank.

Shares held in Össur

25,000

 


Össur 2019 Annual Report