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Saudi Arabian Cooperative Insurance Co. Announces Resignation and Appointment of a CEO
| Element List | Explanation |
|---|---|
| Introduction | Saudi Arabian Cooperative Insurance Co. (SAICO) announces the approval of its Board of Directors on 02/03/2023, of Mr. Hassan Abdullah Al-Somali`s request for retirement from his position as Chief Executive Officer, effective of 05/03/2023, And the appointment of Mr. Abdulrahman Saleh Al-Obrah as Chief Executive Officer starting from 05/03/2023. The Chairman and members of the Board of Directors would like to express to Mr. Hassan their sincere thanks and appreciation for his distinguished efforts since the establishment of the company until now, and for his contribution to the development of the company`s business and for his appreciated efforts to achieve the desired goals. The BoD wishes Mr. Hassan all success in his future endeavors. The BoD would also like to welcome Mr. Abdulrahman Al-Obra and to wish him all success in the discharge of his duties. |
| Element List | Explanation |
|---|---|
| Name of the Resigned CEO | Mr. Hassan Abdullah Al-Somali |
| Resignation Acceptance Date | 2023-03-02 Corresponding to 1444-08-10 |
| Resignation Effective Date | 2023-03-05 Corresponding to 1444-08-13 |
| Reasons for Resignation | Retirement |
| Element List | Explanation |
|---|---|
| Appointment Type | Appointment |
| Name of the CEO | Mr. Abdulrahman Saleh Al-Obrah |
| Date of Board Resolution | 2023-03-02 Corresponding to 1444-08-10 |
| Date Work Commencement | 2023-03-05 Corresponding to 1444-08-13 |
| Brief Resume | Mr. Abdulrahman holds a Bachelor's degree in Economics from King Saud University in Riyadh. He also holds some professional certificates specialized in the field of insurance. Mr. Abdulrahman had several leadership positions in insurance companies during his tenure of nearly 20 years. |
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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