Mohammad Al-Mojil Group (MMG) announces that its board of directors (on May 19, 2012) took the following actions with aim to enhance the company’s operational efficiency and financial performance:
- Accepted the resignation of Eng. Ibrahim Zada from his position as chief executive officer, passing on his responsibilities to a deputy for a period of no longer than three months.
- Assigned the Steering Committee to work with Pricewaterhousecoopers as independent consultants for the board on the following tasks:
- Preparing an independent, comprehensive review of the company’s activities, business, projects, financial position and cash flows.
- Reviewing company’s performance for helping raise the efficiency and cut costs.
- Representing the board in relevant matters.
The board will continue its meetings as needed to ensure a close follow-up with its committees, executive administration and consultants to reach tangible results on company’s performance.
Further developments will be announced in due course.
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