Riyadh — Mubasher: Red Sea International Company announced that its board of directors approved the resignation of Hani bin Othman Baothman from his position as Group CEO on 28 August 2026.

The resignation follows the completion of major restructuring milestones, including the reduction of unprofitable international activities and a renewed focus on core oil and gas operations through the company's Jubail plant.

Baothman will continue to serve as the Managing Director to oversee strategic priorities and the company's capital increase plan.

A three-month notice period will be utilized to ensure an organized transition of responsibilities.

The board concurrently appointed Ghassan bin Nabil Nassif as the new Group CEO, effective on 28 August. Nassif brings more than 25 years of professional experience in corporate banking, investment, and institutional transformation.

He previously held leadership roles at Teneo, Swicorp, and Emirates Islamic Bank and served in various executive capacities at several Saudi financial institutions.

Nassif holds a bachelor's degree in electrical engineering from King Fahd University of Petroleum and Minerals.

has submitted its application to the Capital Market Authority (CMA) to increase the company’s capital through a rights issue valued at SAR 280 million.