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The Mediterranean and Gulf Cooperative Insurance and Reinsurance Company (MEDGULF Insurance) announces the issuance of the Board of Directors' resolution on 04/09/1444 H corresponding to 26/03/2023, to terminate the contract of the CEO of the company.
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| Announcement Detail | The Mediterranean and Gulf Cooperative Insurance and Reinsurance Company (MEDGULF Insurance) ("Company") announces the issuance of the Board of Directors' resolution on 04/09/1444 H corresponding to 26/03/2023, to terminate the contract of the CEO of the company, Dr. Goetz Kuras, as of the date of the resolution, based on Article 80 of the Saudi labor law, for his severe lack of performance with regards to his core duties, while the company retains its legal rights and shall announce any material developments if required by the regulating policies. The company also announces the Board of Directors’ resolution in its meeting held on 04/09/1444 H corresponding to 26/03/2023, to assign Mr. Umar Al-Mahmoud as Acting CEO and carry out the duties of the CEO of the company during the transitional period as the company goes through the restructuring and the organizing of its executive management starting from 04/09/1444 H corresponding to 26/03/2023. Mr. Umar Al-Mahmoud has long experience in the field of corporate management as well as the insurance sector, and that he held several leadership positions in MEDGULF, the latest of which was the Deputy Chief Executive Officer. |
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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