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Middle East Paper Co. Announces Resignation and Appointment of a CEO
| Element List | Explanation |
|---|---|
| Introduction | Middle East Paper Co. (MEPCO) announces the resolution of its Board of Directors by circulation dated 12/06/2024 corresponding to 06/12/1445 H, the acceptance of the resignation of Eng. Sami Ali AL Safran from the position of Chief Executive Officer of the company which will take effect as of 13/06/2024 corresponding to 07/12/1445 AH. The reason for the resignation was his request for retirement, and the Board decided to appoint him as an advisor to the Board of Directors. The Board of Directors of Middle East Paper Co. extends its sincere thanks and appreciation to Eng. Sami Ali AL Safran for his efforts during his tenure in the company over twenty years, wishing him success on both the career and personal levels. Mr. Rob Jan Renders, the current member of the Board of Directors of MEPCO, has also been assigned as an acting Chief Executive Officer. |
| Element List | Explanation |
|---|---|
| Name of the Resigned Person | Sami Ali AL Safran |
| Resignation Acceptance Date | 2024-06-12 Corresponding to 1445-12-06 |
| Resignation Effective Date | 2024-06-13 Corresponding to 1445-12-07 |
| Reasons for Resignation | Retirement |
| Element List | Explanation |
|---|---|
| Appointment Type | Delegation |
| Name of the Appointed Person | Rob Jan Renders |
| Date of Board Resolution | 2024-06-12 Corresponding to 1445-12-06 |
| Date Work Commencement | 2024-06-13 Corresponding to 1445-12-07 |
| Brief Resume | Mr. Renders holds a Master's degree in Mechanical Engineering from the University of Technology Eindhoven. He is currently a Board Member of MEPCO and brings a wealth of experience from his previous roles in the packaging industry and as a business consultant. He served as a Board Member of Duropack GmbH from 2012 to 2015 and as CEO from 2013 to 2015. Prior to that, he was Chairman of OTOR Société Anonyme, a leading French packaging provider, from 2006 to 2010. He also held various leadership positions at Svenska Cellulosa Aktiebolaget (SCA), a global hygiene and packaging solutions producer, from 1989 to 2006. Mr. Renders has extensive consulting experience with prominent private equity firms such as Carlyle, Blackstone, One Equity Partners Europe, and 3i Netherlands. He also chaired the Supervisory Board of Walki Group Oy, a sustainable packaging and engineered materials company based in Finland. In addition to his corporate roles, Mr. Renders is an Independent Director of the Board and a member of both the Human Resources and Compensation Committee and the Audit and Risk Committee at Sappi Limited South Africa, a diversified wood fiber group. |
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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