Aug 13 2011 |
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The Savola Group Announces The Resignation of one of its Board Members
The Savola Group would like to announce that Mr. Yousef Mohammed Alireza (an independent director) of the Savola Group Board of Directors has submitted his resignation from the Board membership, due to personal reasons. Thus, the Board has accepted his resignation, effective 10th August 2010 and thanked him for his valuable efforts and contribution that he extended to the Group and its subsidiaries during his past offices term in the Group board, sub-committees and subsidiaries Board.In this connection, the Board has approved the recommendation of the Compensation, Nomination and Governance Committee by appointing Mr. Badr Abdullah Al Issa, as Non-Executive Board Member, effective 10th August 2011 and till the end of the current office term of the Board, which will end on 30th June 2013. Mr. Badr Al Issa is currently serving as member of the Groups Audit Committee. As per regulations, Mr. Badr appointment as a member of the Group Board will be presented to the nearest Shareholders General Assembly Meeting for ratification.
It is worth mentioning that Mr. Yousef Alireza has submitted his resignation to the Chairman of the Board on 3rd June 2011. The said resignation was presented to the Compensation, Nomination & Governance Committee for review and recommendation to the Group Board.
© Tadawul 2011
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