Friðrik's best result in World Chess Championship competition was in the 1958 Interzonal tournament, where he finished equal 5th–6th, automatically earning the grandmaster title (the first for Iceland) and qualifying for the 1959 Candidates Tournament, the last stage to determine the challenger to the World Chess Champion in 1960. It was an amazing achievement for someone who was not a chess professional at the time. In the Candidates Tournament, however, he finished seventh of eight with 10/28. He also played in the following Interzonal in 1962, but failed to qualify for the Candidates.
In 1978, Olafsson succeeded Max Euwe as president of the international chess governing body FIDE. During the tenure he presided over the 1981 Karpov–Korchnoi World Championship match. Since Korchnoi defected from the Soviet Union in 1976, the Soviets were holding Korchnoi's son, Igor. Olafsson delayed the planned September 19 start date of the match in a bid to get the Soviets to release Korchnoi's son. For this attempt, Olafsson drew the wrath of the Soviets, who then backed the FIDE vice-president, Florencio Campomanes, for the presidency of FIDE. Campomanes succeeded Olafsson as FIDE president in 1982.
Personal life
In life outside of chess, Friðrik is married and has two adult daughters.
Prior to 1974, when he became a chess professional, he worked as a lawyer at the Icelandic Ministry of Justice.[5] After the FIDE presidency in 1982, Olafsson was appointed secretary to the Icelandic Parliament.