The Company for Cooperative Insurance (Tawuniya) received the green light from the Saudi Arabian Monetary Authority (SAMA) to appoint Suleiman bin Sa'ad Al-Hameed as its new chairman, replacing Waleed Al-Eisa.
Al-Eisa will serve as deputy chairman, the insurer said in a statement on Tadawul, Saudi Arabia's bourse.
The reshuffle was recommended by the company's board. Al-Hameed holds a Master’s degree in business administration from the United States. He has more than 25 years of experience in the insurance industry.
The company will seek shareholder approval for this decision in the upcoming general assembly meeting. Last December, Tawuniya's board agreed to name Al-Eisa as board chairman, according to data available on Argaam.
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