At Time Warner, Olafsson—a native of Reykjavik, Iceland—is responsible for the company's corporate strategy, mergers, acquisitions and investments. Prior to that, he was vice chairman of Time Warner Digital Media where he was responsible for "developing strategic business plans for Time Warner’s diverse digital media businesses and identifying emerging growth opportunities for the company in the digital realm."

He is author an author, having penned the novels "Absolution" (Pantheon, 1994), "The Journey Home" (Pantheon, 2000), and "Walking IntoThe Night" (Pantheon, 2003).

Managing Director Andrew Hamingson said, in a prepared statement, “We are thrilled to welcome Olaf as the new chairman of the board. He comes with extraordinary experience in both the business and entertainment industries and has pioneered many innovative forward thinking strategies. He is also a gifted novelist and playwright who understands the challenges of the not for profit theater. Coupled with his passion for theatre, Olaf is simply an exceptional addition to the Atlantic family. We’re proud to have him and feel he is a perfect fit to lead Atlantic’s board during this period of major growth and success.”

Olafsson said, “Since joining the board of the Atlantic Theatre, I’ve enjoyed seeing it grow and prosper without losing sight of its original mission to produce great plays by both new and established writers. The dedication of the staff is remarkable as evidenced by the company’s success. I very much look forward to continuing working with [artistic director] Neil Pepe, Andy, their spirited teams at the theatre and the school as well as my fellow board members.”

Two productions that had their New York premieres at the Atlantic will play Broadway this fall: Jay Johnson: The Two and Only and Spring Awakening.