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Nayifat Finance Company announces the resignation of the MD/CEO of the company and the appointment of a new CEO
| Element List | Explanation |
|---|---|
| Introduction | The Board of Directors has approved on 12/10/1445H corresponding to 21/04/2024G the acceptance of the resignation of Mr. Bandar bin Mohammed Al-Baiz from his position as MD/CEO of the Company, effective from 16/10/1445H corresponding to 25/04/2024G due to personal circumstances. The Board of Directors also decided to approve the appointment of Mr. Fahad bin Ibrahim Al-Mufarrej as CEO of Nayifat Finance Company as of 19/10/1445H corresponding to 28/04/2024G. The members of the Board of Directors of the company expressed their appreciation to Mr. Bandar bin Mohammed Al-Baiz for his efforts during his time, and wished him success, as well as success for the new CEO Mr. Fahad bin Ibrahim Al-Mufarrej. |
| Element List | Explanation |
|---|---|
| Name of the Resigned Person | Mr. Bandar bin Mohammed Al-Baiz |
| Resignation Acceptance Date | 2024-04-21 Corresponding to 1445-10-12 |
| Resignation Effective Date | 2024-04-25 Corresponding to 1445-10-16 |
| Reasons for Resignation | Personal circumstances |
| Element List | Explanation |
|---|---|
| Appointment Type | Appointment |
| Name of the Appointed Person | Mr. Fahad bin Ibrahim Al-Mufarrej |
| Date of Board Resolution | 2024-04-21 Corresponding to 1445-10-12 |
| Date Work Commencement | 2024-04-28 Corresponding to 1445-10-19 |
| Brief Resume | Mr. Fahad bin Ibrahim Al-Mufarrej has more than 35 years of experience, including many memberships and positions at the level of boards of directors and committees, and currently he is a member of the Board of Directors and Chairman of the Audit Committee of Al Baraka Group and a member of the Board of Directors of the Saudi Printing and Packaging Company, He previously served as the Managing Director of the Saudi Printing and Packaging Company, and Director of the Banking Supervision Department at the Saudi Central Bank, in addition to his membership in many boards of directors and committees inside and outside the Kingdom, Mr. Fahd Al-Mufarrej obtained a Bachelor of Administrative Sciences from King Abdulaziz University in 1986, in addition to many accredited professional qualifications obtained from inside and outside the Kingdom. |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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