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The Savola Group Announces the resignation of the Group CEO and appoint a new Group CEO

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Introduction The Savola Group would like to announce its Board of Directors acceptance of the resignation of the Group’s Chief Executive Officer; Eng. Anees Ahmed Moumina during its meeting held on 28th October 2020. Anees Moumina submitted his resignation due to personal reasons. His resignation will take effect as of January 1st, 2021. Hence, Eng. Anees will continue his role until the end of the current year, 2020.

The Savola Group’s Board Members extended their sincere thanks and appreciation to Eng. Anees Ahmed Moumina for his commitment, dedication and hard work exerted during his office term. The Board also wishes him all the best in his future endeavors.

The Board also decided in the same meeting based on the Remuneration and Nomination Committee recommendation to appoint Mr. Waleed Khalid Fatani in the position of the CEO of the Savola Group. Mr. Waleed Fatani will start officially his role effective, January 1st, 2021.

Element ListExplanation
Name of the Resigning CEO Eng. Anees Ahmed Moumina
Resignation Acceptance Date 2020-10-28 Corresponding to 1442-03-11
Resignation Effective Date 2021-01-01 Corresponding to 1442-05-17
Reasons for Resignation personal reasons
Element ListExplanation
Appointment Type Appointment
Name of the CEO Mr. Waleed Khalid Fatani
Date of Board Resolution 2020-10-28 Corresponding to 1442-03-11
Start Date 2021-01-01 Corresponding to 1442-05-17
Brief Resume It is worth mentioning that Mr. Waleed Fatani has over (25) years of investment and banking experience. Most recently, he held the position of CEO of Saudi Fransi Capital, and Group Treasurer of Abdul Lateef Jamil (ALJ) and Capital Markets & Investment Advisor. He was also formerly appointed as a General Manager of Deutsche Bank KSA and Group treasurer of Banque Saudi Faransi. He graduated with a Bachelor of Science in accounting from California State University in 1993.

In this respect, the Board welcomes Mr. Waleed Fatani and wishes him all the success in his new capacity as a CEO of the Savola Group.

The Capital Market Authority and the Saudi Stock Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.

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