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United Cooperative Assurance Company announces resignation and appointment of a CEO.
| Element List | Explanation |
|---|---|
| Introduction | The United Cooperative Assurance Company announces the issuance of a resolution by the Board of Directors on it's meeting held on Tuesday 07 Dhu Al-Hajjah 1446H, corresponding to 03 June 2025, approving the resignation of the company's CEO, Eng. Mohammed bin Mohammed Saeed Basrawi, who decided to retire, effective from 05 Muharam 1447H, corresponding to 30 June 2025. The UCA Board of Directors extends its sincere thanks and appreciations to Eng. Mohammed Basrawi for his efforts and achievements in leading the company over the past years, wishing him continued success. On the same date, the Board of Directors also decided based on the recommendation of the Nominations and Remuneration Committee to appoint Mr. Shaher bin Mahmoud Al-Madani as the company's CEO, commencing his duties with effect from 06 Muharam 1447H, corresponding to 01 July 2025, provided that regulatory approvals are obtained in accordance with the requirements set by the Insurance Authority. |
| Element List | Explanation |
|---|---|
| Name of the Resigned Person | Eng. Mohammed bin Mohammed Saeed Basrawi |
| Resignation Acceptance Date | 2025-06-03 Corresponding to 1446-12-07 |
| Resignation Effective Date | 2025-06-30 Corresponding to 1447-01-05 |
| Reasons for Resignation | Retirement |
| Element List | Explanation |
|---|---|
| Appointment Type | Appointment |
| Name of the Appointed Person | Mr. Shaher bin Mahmoud Al-Madani |
| Date of Board Resolution | 2025-06-03 Corresponding to 1446-12-07 |
| Date Work Commencement | 2025-07-01 Corresponding to 1447-01-06 |
| Brief Resume | Mr. Shaher Al-Madani has extensive experience in the financial and insurance sectors for nearly 20 years, during which he held numerous leadership positions, the last of which was the Vice Chief Executive Officer in the company. He holds a Bachelors degree in Business Administration from King Faisal University and has completed several executive and leadership programs in the Kingdom and abroad. |
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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