Savola Group — Board/Management Information 2016

Nov 24, 2016

The Savola Group Announces Resignation of Mr. Muwaffaq Mansour Jamal, CEO of Panda Retail Co. and appointment of Eng. Rayan Mohammed Fayez as Acting CEO of Panda

2050 · 24/11/2016 09:07:43 · Announcement #44634 · View on Saudi Exchange

The Savola Group Announces Resignation of Mr. Muwaffaq Mansour Jamal, CEO of Panda Retail Co. and appointment of Eng. Rayan Mohammed Fayez as Acting CEO of Panda

The Savola Group would like to announce the resignation of Mr. Muwaffaq Mansour Jamal, CEO of Panda Retail Company (which is 91% owned by Savola Group) due to personal circumstances, which he submitted to the Board of Panda Retail Company on November 23rd 2016 and was approved on the same day to be effective as of November 24th 2016. It also announces the appointment of Eng. Rayan Mohammed Fayez, Savola Group Chief Executive Officer as Acting CEO of Panda Retail Co. effective November 24th 2016 for the duration of finding a proper replacement. The Savola Group Board has approved this resolution on November 23rd 2016.

In this connection, the Chairman of Panda Retail Co. Board, Mr. Essam Abdulqader Al-Muhaidib, on behalf of Panda and Savola Boards and Employees, has extended his sincere appreciation to Mr. Muwaffaq Jamal for his efforts and contribution during the past years in serving Panda and developing its business and wishing him continued success in the future. Moreover, he expressed his confidence and extended his best wishes to Eng. Rayan, who will lead Panda during this transition, beside his current position as CEO of Savola Group.

It's worth mentioning that Eng. Fayez Holds a Bachelor Degree of Science in Mechanical Engineering from the Massachusetts Institute of Technology (MIT), USA in the Year 2001. Eng. Fayez has a distinguished and considerable experience in the field of investment banking. Most recently, he was the Managing Director and CEO of J.P Morgan Bank in Saudi Arabia Also he is currently holding the position of the Savola Group CEO and a board member of Panda as well as other Board memberships in other companies.

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