Halla Tómasdóttir is an Icelandic business leader and changemaker who became the president of Iceland on August 1, 2024. With a background in human resources and organizational development at M&M/Mars and Pepsi Cola, she later played a key role in shaping Reykjavík University’s executive education and women’s empowerment initiatives. She was the first female CEO of the Iceland Chamber of Commerce and co-founded Auður Capital, a pioneering investment firm promoting responsible finance. Halla also helped lead Iceland’s post-crisis dialogue through the National Assembly of 2009 and chaired the global gender equality summit WE2015. From 2018 to 2024, she served as CEO of The B Team, advocating for sustainable and inclusive business practices worldwide.
Having run for president in 2016 and now emerging victorious in 2024, what do you think was the difference between the two campaigns that brought you victory in this election?
I had no experience in running for office back in 2016, but I learned a lot from the experience of being an entrepreneurial candidate and was able to put some of those lessons and insights to work in 2024. I also gained valuable work and life experience in the eight years between the two campaigns. My husband and children were also more experienced this time around, as were my closest collaborators. We were all able to grow forward after 2016, [and] truly become presidents of our own lives. That allowed us to sincerely be ourselves in 2024, and that’s the only campaign strategy I believe in.
Your most recent position before being elected President of Iceland was CEO of The B Team, a non-profit dedicated to the bettering of business practices around the world with the three tenets—Sustainability, Equality, and Accountability. How do you plan on bringing those same ideas into your work as President?
As CEO of The B Team, I was working with global leaders who believe business can and must be a force for good. The world is facing [a] great many challenges, and they call for solutions and accountability from every sector of society. We aim to lead [by] example and share stories of businesses driving positive changes through brave actions. Through this work, I learned firsthand that we can neither solve grand challenges nor take advantage of big opportunities without radical collaboration between stakeholders in society. We all have a role to play, and we must unlock brave leadership across the full system if we want to deliver the world we want and need.
As president, I aim to convene conversations and collaborations that allow us to develop solutions to wicked problems. We live in a world facing so many complex and interdependent challenges, and I believe Iceland can be a land of solutions—perhaps a powerful lighthouse—showing the world what is possible. We have punched above our weight when it comes to harnessing our creativity as a nation, and I hope we will continue to raise the bar on all fronts, from arts and culture to athletics to advancing greater accountability in business as well as government. I hope Iceland can be a brave well-being-[oriented] economy and society for others to learn from.
With your background in business and management, how do you think being a relative political outsider affects your approach to leadership? How do you plan on bringing your private sector experience into your new position?
We need entrepreneurs in politics and leaders with [a] good understanding of the workings of government and society in business. We need leaders who understand the systems [that] we must upgrade to better serve humanity for generations to come. I want to be a president that breaks down silos and helps build bridges between all those who need to come together to meet this challenging moment for humanity. The private sector has the entrepreneurial and innovative capacity to develop solutions, government needs to ensure the rules and incentives are aligned with the future we choose and avoid being stuck in the past. Citizens need to hold both business and government to account.
As a woman in business and now politics, what are some unique challenges you faced on your way to first becoming a CEO and now the President of Iceland? Has this shaped your policy work?
Women in leadership continue to face both external and internal challenges less common to men, and I have confronted most of those, as most women leaders have. This includes but is not limited to juggling caring responsibilities and constant media commentary on how we dress and talk, as well as internal dialogue of self-doubt and impost[erous] thoughts. You can’t decouple the external and internal realities as they are not at all unrelated.
Having acknowledged that [challenge of gender disparities], being a woman in business and politics has mostly served me and my work well, especially as I have grown older and more experienced. In my twenties, I tried to lead like a man, only to later discover that I became a much stronger leader when I embraced fully my own authenticity. I believe in gender balance—not just in terms of ratios between men and women in positions of power—but in terms of balance in the values and characteristics we embrace in our economy and society at large. In business, I believe profit must be pursued with humane principles and as president, I believe in demonstrating both courage and humility, and I aim to catalyze change with care for all stakeholders.
Moving towards your policy views, what role do you see for Iceland on the international stage? How can Iceland assert itself in a world increasingly influenced by major powers?
Small countries, working together, may offer an interesting way forward in a world where major powers increasingly choose conflict. I hope Iceland will continue to work with other courageous leaders and countries [in] pushing us forward, unlocking a world that works for all of humanity. Small may now be the new beautiful.
Iceland has long been a champion of renewable energy, equality, and human rights, becoming a leader in the fight against climate change and the transition to renewable energy. How do you plan on continuing this legacy?
Iceland has indeed been a lighthouse for sustainable and clean energy development and use, as well as for equality and human rights in general. Countries (as well as individuals and companies) should always work with their strengths. There are lessons to be learned from Iceland’s geothermal and gender revolutions. Both started in the 1970s and both have been key to economic and social progress for Iceland. Both are foundational to furthering progress within Iceland and the world, and we will continue to demonstrate brave leadership when it comes to sustainability, equality, and human rights.
It's not only our renewable energy [that] we harness; Icelanders continue to amaze me and the world with their creative energy in arts and culture, where we truly punch above our weight. We have always seen ourselves as a book nation, our national psyche is deeply rooted in our literature, from the ancient Sagas to today’s Nordic noir fiction. Increasingly, Icelandic artists are making their mark on the world stage of music, theater, film, and art [as well]. These are growing sectors in our economy and, judging by the endless creativity I am met with among people in even the smallest communities around the country, I believe there are opportunities for Iceland to harness our creative energy to an even greater extent.
One of the issues you have extensively written about is gender equality. While Iceland remains ahead of most nations on this front, what improvements can still be made? What do you think needs to be done around the world, especially in the United States, where you worked and studied, to advance gender equality? Do you have any advice for other advocates?
I am proud of the fact that Iceland has led the world in closing the gender gap for 15 years running, but also well aware that even in Iceland we must go further to close the gap and create a truly gender-balanced world. Here, as elsewhere, we are still facing power and pay gaps, and violence against women is still as real in Iceland as elsewhere.
The next frontier of true gender equality must involve men. I am concerned about boys and men who increasingly feel left behind, lonely, and without purpose. Iceland greatly advanced gender equality when we introduced paternity leave—gave both parents the opportunity to have and raise children [as well as] have careers. This was a game-changer. The next frontier in gender equality will have to involve much greater attention to issues around boys and men. We can’t eradicate violence, pay, or power gaps until we involve all genders in catalyzing the revolution: we need to truly allow all of humanity to thrive.
You have emphasized the importance of the President remaining a non-partisan figure. In the same interview, you spoke about bridging both gender and generational gaps as a means for advancement on this front. How do you plan on bringing that vision to fruition?
I make a very deliberate effort to build bridges between diverse views, genders, and generations in every conversation and collaboration I am [a] part of. Who is around the table, or on the stage, matters. It changes both the issues we talk about and how we talk about them.
How does your focus on bridging gaps and collaboration translate into your priorities as president and head of state?
I prioritize asking good questions and don’t pretend to have all the answers. Get the right people together, be open, curious, and willing to listen and learn from diverse perspectives, and only good things can happen. This [outlook] is essential to leadership in a world of low trust and deep divisions. I am more concerned about how we work through our challenges than having the right answers myself. If we get the “who” and the “how” right—we will find good answers together.
In four years, when your term is finished, how will you measure your success?
My success formula is simple. For me, it comes down to leading in line with my own inner compass. I constantly ask myself if I am leading [Iceland] in line with the purpose and principles I have chosen to guide my work and life. In the role of president, I have the opportunity to inspire more leaders to lead in line with their inner compass and hopefully help Iceland clarify its own purpose and principles so that we can successfully navigate uncertain and challenging times with clarity on why we exist and how we want to show up in a troubled world.
Finally, do you have any advice for young people around the world who aspire to be in positions of leadership like yourself? What would you like our readers to come away with from this interview?
The most important advice I have is not to let self-doubt or impost[erous] thoughts hold you back from working [towards] the world you want. If I had waited to be confident to run for president, become a mother, or run The B Team, I might never [had] any of [these major successes] as I have always suffered self-doubt if not from an imposter syndrome. I have come to learn that most people do [have this self-doubt], and that is not a problem as long as we cultivate our courage to work through those doubts and the fears that often come alongside them. Courage comes from our hearts, so when suffering [from inner] doubts, I suggest you drop from your head to your heart and ask what you truly care about and then do something about that. We develop confidence through doing, so start with the courage to care and confidence will come with practice and time.
Jake Truncale received President Tómasdóttir’s responses on January 16, 2025. This interview has been lightly edited for length and clarity.
The views expressed in this piece are the interviewee's own and are not reflective of the views of the HIR.
