Kaupthing appoints Paul Copley as Chief Executive Officer

The Board of Directors of Kaupthing ehf. (“Kaupthing”) has appointed Paul Copley as Chief Executive Officer.

Mr Copley took up his post on 1 April 2016 and he is also a member of Kaupthing’s board of directors. He is a UK chartered accountant and insolvency practitioner. Prior to his appointment, he spent nearly 20 years at the UK firm of PricewaterhouseCoopers LLP (“PwC”), where he was a partner in the firm´s restructuring division. During his time at PwC, Mr Copley worked for 6 years full-time at Lehman Brothers International (Europe) (“LBIE”) after its collapse, and was appointed as one of its joint administrators. His principal responsibility was to lead the wind-down of a $ multi-billion fixed income securities and equities book and the recovery of value from and agreement of claims with LBIE’s clients who had derivatives, repos, stock loans, prime brokerage accounts and failed securities trades. Mr Copley has also served on LBI hf’s informal creditors’ committee on behalf of funds who had acquired claims in the secondary market.

Alan Carr, Chairman of Kaupthing: “We are delighted to have secured Paul’s services. As we move into the controlled monetisation of Kaupthing´s assets, his wealth of situational experience will be invaluable to us. I and the rest of the board are very much looking forward to working with him.”

Paul Copley: “Whilst it was not an easy decision to leave PwC, this opportunity seemed tailor-made to my skills and experience and so I simply couldn’t turn it down. My priority now is to get quickly up to speed with Kaupthing’s varied portfolio of assets and to commence the controlled monetisation process so that we can return capital to stakeholders as efficiently as possible.”