Red Sea terminates Acting CEO; appoints Hani Baothman as CEO, Managing Director

Logo of Red Sea International Company

Red Sea International Co. (RSI)’s board of directors decided to end the assignment of Ghassan Al-Ashkar as Acting CEO, effective Nov. 12. However, he will resume his original role as Chief Financial Officer of the company.

According to a statement to Tadawul, the board also decided to appoint Hani Baothman as CEO and Managing Director, as of Nov. 12. His appointment as Managing Director will remain in effect until the end of the current board term, May 9, 2027.

The board’s approval of the Baothman’s appointment as Managing Director is not final, the statement noted, adding that this appointment will be presented to the next general assembly meeting for approval.

The company noted that Baothman holds a bachelor’s degree in mechanical engineering from the University of Reading, UK, and a master’s degree in business administration from Imperial College London.

He worked in financial and real estate investment management for more than 25 years, during which he founded and managed several investment entities and companies. He served on the boards of many listed companies in the Kingdom and private companies both inside and outside the Kingdom.