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Red Sea International Co. Announces Resignation and Appointment of a CEO.
| Element List | Explanation |
|---|---|
| Introduction | Red Sea International (RSI), today announced the resignation of Mr. Khalid Faqih, Chief Executive Officer, effective November 19, 2023, due to personal reasons. Following a meeting of the Nomination & Remuneration Committee (NRC), the committee recommended to the Board of Directors to accept Mr. Faqih’s resignation, a recommendation that has been duly acknowledged and accepted. Simultaneously, based on the recommendation of the Nomination and Remuneration Committee, the RSI Board approved and is pleased to announce the appointment of Mr. Marwan Sayegh as the new Chief Executive Officer, effective November 19, 2023. Mr. Sayegh brings extensive experience in Facility Management, with a proven track record of driving operational excellence and strategic growth. The RSI’s Board has full confidence in Mr. Sayegh's ability to lead the company into its next phase of development. Mr. Sayegh's industry knowledge and strategic vision align with RSI's growth objectives. The company is confident that under his leadership, RSI will deliver value to shareholders and stakeholders alike. |
| Element List | Explanation |
|---|---|
| Name of the Resigned CEO | Mr. Khalid Fagih |
| Resignation Acceptance Date | 2023-11-19 Corresponding to 1445-05-05 |
| Resignation Effective Date | 2023-11-19 Corresponding to 1445-05-05 |
| Reasons for Resignation | Personal Reasons. |
| Element List | Explanation |
|---|---|
| Appointment Type | Appointment |
| Name of the CEO | Mr. Marwan Sayegh |
| Date of Board Resolution | 2023-11-18 Corresponding to 1445-05-04 |
| Date Work Commencement | 2023-11-19 Corresponding to 1445-05-05 |
| Brief Resume | Mr. Marwan Sayegh stands as a visionary entrepreneur, having spent more than two decades as a Consultant for ViaMENA at the service of the construction industry in Saudi Arabia, UAE, and other parts of the MENA Region He has advised premier construction and facility management enterprises in many fields including Infrastructure, MEP, fitouts, ELV, and landscapes. In each of his assignments, he commanded a pivotal positive paradigm change that showcased his strategic vision to the industry and his understanding of the Construction business Mr. Marwan Sayegh's legacy will be his outlook for conceiving and nurturing startups to remarkable scales of success, and his capabilities in orchestrating corporate transformations, and harmonizing human resources without compromising the bottom line. |
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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