Saudi Basic Industries Corp. (SABIC) appointed Khalid Al-Dabbagh as new board chairman, with immediate effect.
The company said in a statement to Tadawul that the board on June 16 agreed to accept the resignations and appointments of three board members, which will take effect from the time of approval.
The resigning non-executive board members are Dr. Abdulaziz Saleh Aljarbou, Roberto Gualdoni and Rashid Ibrahim Sharif.
The resignations come after Saudi Aramco announced completing the acquisition of 70% stake in SABIC from the Public Investment Fund (PIF).
On the other hand, Al-Dabbagh, Olivier Gerard Thorel, and Ziad Thamer Al-Murshed were appointed as non-executive board members, as of June 16.
All three officials are senior Aramco executives. Al-Dabbagh is Senior Vice President for Finance, Strategy and Development, Thorel is Vice President of Chemicals and Al-Murshed is Vice President of International Operations.
In addition, the membership of Salah Mohammad Al-Hareky as an audit committee member will be effective from the date of the general assembly approval, which will be held later.
Al-Hareky has extensive experience in the financial and accounting fields. Currently, he is the financial controller at Aramco.
The board decisions are not final and are pending approval from the company’s general assembly.