19 January 2017

Al-Darmaki Chairman, Al-Ghunaim and AL-Sumait resign from their executive roles and remain on Global board, Al-Halabi nominated as CEO

Global announced the resolution of the board meeting held on Tuesday 17 January 2017 to elect a new chairman following the death of the late Chairman Hisham Al-Otaibi.

The board named Hareb Al-Darmaki as Chairman and Bader Al-Sumait was nominated, subject to regulatory approvals, as a board member to fill the vacant board seat.


Maha Al-Ghunaim and Bader Al-Sumait have submitted their resignations to the board from their executive roles as Group Chief Executive Officer and Chief Executive Officer respectively. These resignations were in accordance with their retirement plans and came after Global reported three consecutive profitable years and distributed dividends. The board has nominated Abdul wahab Al-Halabi, board member, to act as Chief Executive Officer after obtaining regulatory approvals.


Commenting on the announcement, Chairman Hareb Al-Darmaki said, “We appreciate the commitment of Al-Ghunaim and Al-Sumait to Global since the establishment of the company and mainly during the past few years where they have successfully placed the company on the right track, reported profitability in a challenging environment, strengthened the management team and repositioned Global as a major player in the region.”


He concluded, “We believe their experience and continued involvement on the board level is an added value for all stakeholders.”


Maha Al-Ghunaim, commented, “I would like to take this opportunity to thank our shareholders and the board for their support and Global management and employees for their commitment and hard work. I’m confident that Global’s strong team, is well positioned to build on its success and grow the company.”


She added, “I would like to thank all the regulators and our valued clients for their vote of confidence and assure them that Global will remain committed to create value and offer them investment products and services suitable for their needs.”


Bader Al-Sumait said, “We are proud that we leave Global after implementing the succession plan leaving behind a strong team thus ensuring a smooth transition and continued commitment to current operations and all product lines and services of the group. I would like to second Al-Ghunaim’s appreciation to all stakeholders and mainly Global family.”


Abdul wahab Al-Halabi commented, “I would like to thank the board for their confidence and support in my prospective appointment. Global is a leading player in the regional asset management industry and I look forward to working with the team on driving that growth forward. I would like to thank Al-Ghunaim and AL-Sumait for their significant efforts in building a thriving business and for their continued support as board members and the smooth transition.”

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