Former Icelandic Group CEO Magnus Bjarnason will seek election to the board of Iceland Seafood International (ISI) at a meeting of shareholders in Reykjavik on Feb. 5

This comes as Benedikt Sveinsson steps down as group chairman after 40 years with the company.

Mark Holyoake has opted not to seek reelection to the board. International Seafood Holding (ISH), an investment vehicle owned by Mark Holyoake, holds 60 percent of the shares in the group, while the remaining 40 percent are held by 180 shareholders.