L’azurde Company for Jewelry announces resignation of Audit Committee member and the appointment of another Member.
| Element List | Explanation |
|---|---|
| Announcement Detail | L'azurde Company for Jewelry announces that the Board of Directors has accepted on Tuesday December 11th 2018, the recommendation of the Nominations and Remuneration Committee to appoint Mr. Sunil Bhilotra (a non-executive Board Member) as a temporary Audit Committee member based on Article no (38) of Company’s bylaws. This appointment is effective from December 11th 2018 and up to end of current board term at 25 April 2021. In addition, the Board approved the election of Mrs. Sabah Khalil Ebrahim Almoayyed (Independent Director and Audit Committee member) to take the responsibility and role of Audit Committee Chairman and specialised in financial and accounting matters. This appointment will be final upon the approval at the first Ordinary General Assembly meeting.
At the same meeting, the Board of Directors has accepted the resignation letter submitted in November 1, 2018, from Mr. Rabih Michel Khouri (a member and Chairman of Audit Committee and non executive board member) from the Board and Audit Committee membership for personal reasons. The resignation is effective on December 11th 2018. Worthy to mention Mr. Rabih Michel Khouri has been appointed by the General Assembly on 26 April 2018 and for a period of three years.
Mr. Sunil Bhilotra is currently holding the position of Principal, Private Equity – MENA in Investcorp Bank based in Bahrain. He joined Investcorp in 2009 from Barclays Capital where he was a Director in the Sponsor and Leveraged Finance team. Prior to that, he worked with Credit Suisse's Financial Sponsors Group and Investment Banking team.
Mr. Sunil is a Chartered Accountant and MBA (London Business School), and holds a Bachelor of Commerce degree in finance and real estate from McGill University, Canada and a graduate diploma in public accounting, also from McGill University.
Chairman of the Board of Directors Mr. Mohammed Ebrahim Al Shroogi, the Board Members, and the L'azurde management would like to thank Mr. Rabih Michel Khouri for his remarkable contributions during his membership on the Audit Committee and we wish him all the success. |
Comments