Logo of Horizon Food Co.
Horizon Food Co.’s Chairman and non-independent board member Alwaleed Alshathri submitted his resignation on Aug.5, according to a statement to Tadawul.
This was driven by several reasons, including the non-cooperation of board members, and their irregular attendance at board meetings.
A board member also disrupted the executive committee meetings and withheld some financial data from the members.
In addition, some board members, representing major shareholders refused to comply with the corporate governance criteria.
In a separate statement to Tadawul, the company also announced that Mohammed Bidayel, an independent board member, resigned on Aug. 3, due to the non-cooperation of the board members, as they used to disrupt the board meetings.
In addition, the appointed executive officer was banned from practicing his authority, while one board member refused to attend three executive committee meetings.
Non-independent board member Munir Ahmed Al Ghazwi also resigned on Aug. 3.
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