Saudi Basic Industries Corporation (SABIC), one of the world's largest petrochemical companies, has announced restructuring its board of directors and the end of the term of the chairmanship of Prince Saud bin Abdullah bin Thenayan Al Saud.
This came during the Extraordinary General Assembly, which was held at SABIC headquarters in Riyadh on October 8.
During the meeting, the necessary amendments to the Company's Articles of Association, in accordance with the decision of the Council of Ministers No. 476 dated 27/7/1438H (April 24, 2017), were approved.
The Board also approved candidates for the Board of Directors (government representatives) to complete the current Board session, which began on April 11, 2016.
Dr. Abdulaziz bin Saleh al-Jarboo was elected as Chairman of the Board of Directors, Yousef bin Abdullah al-Benyan, Vice Chairman of the Board of Directors and CEO, Dr. Fahad bin Abdullah bin Abdullatif al-Mubarak, Calum Mclean, and Roberto Gualdoni as board members.
Speaking at the Extraordinary General Assembly, Prince Saud said, “Our wise leadership has spared no efforts in investing resources in optimal ways. Under this leadership, huge development projects in various regions and sectors were accomplished in order to provide a decent life to Saudi citizens and achieve the security and stability of the Kingdom.”
“SABIC has demonstrated innovation capabilities of Saudi citizens and their determination to translate aspirations into reality,” the Prince added.
Prince Saud pointed out that SABIC's approach has become a long-standing legacy for generations of SABIC employees, who adopt the same values on which SABIC’s business is based: honesty, transparency, fairness, integrity, inspiration, engagement and creativity.
He added that over the past 15 years he worked as SABIC’s CEO, the company’s journey had witnessed many challenges and achievements, during which “we were able to continue building on the accomplishments of the generations that preceded us.”
In comments on the following day of the meeting, Dr. Jarboo appreciated the SABIC General Assembly’s decision and said he would greatly benefit from the expertise in various areas available in the company.
He hoped to build on the successes achieved by this national symbol of excellence to ensure its continued growth and development.