Saudia Dairy and Foodstuff Co. ("SADAFCO") Announces the Retirement of the CEO and the Appointment of a New CEO.

Element ListExplanation
Introduction SADAFCO Company announces that the Board of Directors approved Mr. Waltherus Matthij's request to step down from his position as CEO, effective as of 31-October-2021G.

Also, The Board of Directors decided to approve the appointment of Mr. Patrick Stillhart as CEO of the Company as of 01-November-2021G. Thereafter, Mr. Waltherus Matthijs will continue to provide direction and support to the Company's business and to ensure a smooth transition of his duties to the new CEO.

In this regard, the Board of Directors expressed its sincere thanks and appreciation to Mr. Waltherus Matthijs for his performance and efforts during his presidency of the Company as CEO, which witnessed distinguished growth and expansion in its business, wishing him success.

Also, the Board of Directors wishing to Mr. Patrick Stillhart success in his new position as CEO of the Company.

Element ListExplanation
Name of the Resigned CEO Mr. Waltherus Matthijs
Resignation Acceptance Date 2021-10-14 Corresponding to 1443-03-08
Resignation Effective Date 2021-10-31 Corresponding to 1443-03-25
Reasons for Resignation Retirement
Element ListExplanation
Appointment Type Appointment
Name of the CEO Mr. Patrick Stillhart
Date of Board Resolution 2021-10-14 Corresponding to 1443-03-08
Date Work Commencement 2021-11-01 Corresponding to 1443-03-26
Brief Resume Mr. Patrick Stillhart brings more than 23 years of stable and progressive career experience in the branded food FMCG industry, Mr. Patrick Stillhart held many senior positions within Nestlé, Cereal Partners Worldwide (a joint venture between Nestle and General Mills), and DKSH, covering various businesses, across the Asia Pacific, Middle East, Africa and European markets, including cereals, coffee, confectionery, and ice cream businesses.

Mr. Patrick Stillhart graduated with a bachelor's degree in marketing and an MBA from the University of St. Gallen, Switzerland.

The Capital Market Authority and the Saudi Stock 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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Company Profile


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