Savola Group — Board/Management Information 2016

Jan 19, 2016

THE SAVOLA GROUP ANNOUNCES THE APPOINTMENT OF A NEW CHIEF EXECUTIVE OFFICER (CEO)

2050 · 19/01/2016 15:54:54 · Announcement #40846 · View on Saudi Exchange

THE SAVOLA GROUP ANNOUNCES THE APPOINTMENT OF A NEW CHIEF EXECUTIVE OFFICER (CEO)

The Savola Group would like to announce that its Board of Directors, in its meeting dated 19/01/2016, has decided to appoint Eng. Rayan Mohammed Fayez in the position of Chief Executive Officer (CEO) of the Savola Group, based on the recommendation of the Compensation, Nomination and Governance Committee.

In order to facilitate the handover process, Eng. Fayez will join the Group officially as a CEO effective 1st March, 2016, while H.E. Eng. Abdullah M. Nour Rahemi will continue his position as a Managing Director (MD) of the Group till the end of the Office Term of the current Board of Directors, which will expire on 30th June, 2016.

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.

The Board of Directors would like to thank - in advance - H.E. Eng. Rahemi for his contribution towards the Group's accomplishments as Group MD & CEO, wishing him continued success in the future. Moreover, the Board welcome Eng. Fayez and wish him all the success in his new capacity as a CEO of the Savola Group.

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