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Iceland Air 1

Birkir Holm Gudnason is former CEO of Iceland Air. In 2008 and 2009 his company experienced its biggest crisis when the major Icelandic banks collapsed leading to a dramatic deterioration in the economy. The result was a lot of passengers cancelling their trips to Iceland and a significant drop in revenues and business. As a company, Iceland Air had to figure out what to do.

Interviewee

Birkir Holm Gudnason

Company

Industry

Business Activity

Icelandair 

Airline

Transportation and Storage

Headquarters

Reykjavik, Iceland

Size

Medium

Employees

500 to 10,000

Greater than $25 million

Yearly Revenue

Private Company

Type of Entity

Subject

Turnaround

Level of Difficulty

Easy

Enhance organizational turnaround knowledge

Teaching Objectives

Keywords

Turnaround

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