Red Sea International Co. announces the termination of the contract with the CEO and the Appointment of an Acting CEO
| Element List | Explanation |
|---|---|
| Introduction | The Red Sea International Company announces the Board of Directors' decision on 08/10/1446 AH, corresponding to 06/04/2025 G, to approve the following:
1. Termination of the contract of the current CEO, Mr. Marwan Jan Sayegh, effective as of 06/04/2025 G. 2- The appointment of the Chief Financial Officer, Mr. Ghassan Salim Al-Ashkar, as Acting CEO effective from 06/04/2025 AD until a new CEO is appointed. The Board of Directors extends its sincere thanks to Mr. Marwan Sayegh for his efforts during his tenure as CEO of the company, wishing him success in his future endeavors.
The Board also wishes Mr. Ghassan Al-Ashkar success in his new role. |
| Element List | Explanation |
|---|---|
| Name of the Resigned Person | Marwan Jan Sayegh |
| Resignation Acceptance Date | 2025-04-06 Corresponding to 1446-10-08 |
| Resignation Effective Date | 2025-04-06 Corresponding to 1446-10-08 |
| Reasons for Resignation | termination of the contract |
| Element List | Explanation |
|---|---|
| Appointment Type | Delegation |
| Name of the Appointed Person | Mr. Ghassan Salim Al-Ashkar |
| Date of Board Resolution | 2025-04-06 Corresponding to 1446-10-08 |
| Date Work Commencement | 2025-04-06 Corresponding to 1446-10-08 |
| Brief Resume | Mr. Ashkar served as Senior Chief Financial Officer of Jeddah Economic Company, Kingdom of Saudi Arabia from February 2017G until 2024G. He served also as manager of Institutional Development, Secretary of the Board of Directors, Executive Committee, Audit Committee and Nominations and Remuneration Committee at CPC Holding Company-Saudi Arabia (Saudi Binladin Group) from September 2014G to February 2017G, and its Financial Manager from September 2010G to September 2014G. Mr. Ghassan also served as the Financial Manager of Saudi Elevators Company Limited - Saudi Arabia from January 2002 to mid-2005. He also served as the Financial Controller of Al-Mabani General Contracting Company- Saudi Arabia from September 1994G to January 2002G, and its Finance and Accounting Manager from January 1992G to September 1994G.
Mr. Ghassan holds a Bachelor’s degree in Economics (1990) from the American University of Beirut, Lebanon. |
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