Hermann Gudmundsson, the CEO of Esso Iceland (provider of fuel and lubricants) was expected to begin merging Esso Iceland with Bilanaust, an Icelandic automotive spare parts retailer with the end result of a unified entity that would be dominant in its respective industries. The Icelandic economy was growing at favourable rates and Esso had enjoyed its position as the leading fuel provider in Iceland for the past 60 years with 40 per cent of the market. Gudmundsson and his partners bought Esso Iceland in 2006 from a private equity firm that had been focused on stripping Esso Iceland down to its core fuel business, using staff reductions as part of a cost-reduction program. Gudmundsson believed that Esso Iceland had untapped wealth that could only be enhanced by the cross-selling synergies formed as a result of a successful integration of over 500 accounts in the two companies. His overriding concern was to lead the combined organization to achieve these goals in the next two years without destroying shareholder value.
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