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Saudi Company for Hardware (SACO) Announces the Retirement of its CEO and the Appointment of a New CEO

SACO 4008 42.45% 37.75 11.25
Element List Explanation
Introduction SACO’s Board of Directors announces that the Chief Executive Officer, Sameer M Al-Hamidi, after serving the company for nearly (35) years, has decided to retire from his position as CEO based on his request from 01/07/2020 , decision that has been accepted by the Board of Directors.

It is worth mentioning that in 2018, the BoD of SACO launched, under his direct supervision, a project for the senior management succession plans.

Accordingly, the Board decided to appoint the BoD member Mr. Haytham Al-Hamidi, as CEO effective 01/07/2020, while Mr. Sameer Al-Hamidi will retain his position as Managing Director , in accordance with the powers determined by the BoD.

The new CEO Mr. Haytham M Al-Hamidi, has a proven record of experience in the field of retail, marketing and sales since he has been Deputy CEO of SACO since the beginning of 2019 in addition to his position in the company as head of the Marketing and Sales department since 1993, He holds a Bachelors degree in Economics in 1987 from Southern Methodist University (SMU) in Dallas Texas USA and Master degree in Business Administration from the University of Dallas in 1989G

Mr. Haytham Al-Hamidi will start his work as CEO from 01/07/2020, until then, the current CEO Mr. Sameer Al-Hamidi, will continue in his position in the transitional period to provide direction and support to the company's business and to ensure a smooth transition of his duties to the new CEO, after which Mr. Sameer Al-Hamidi will continue his duties as Managing Director.

On this occasion, the Board of Directors are honored to express the valued contributions of Mr. Sameer Al-Hamidi in building the company and establishing the bases of its success, for which his efforts and diligent work were the greatest impact on SACO status in the Saudi market today.

Element List Explanation
Name of the Resigning CEO Mr. Sameer M Al-Hamidi
Resignation Acceptance Date 2020-01-02 Corresponding to 1441-05-07
Resignation Effective Date 2020-07-01 Corresponding to 1441-11-10
Reasons for Resignation Retirement
Element List Explanation
Appointment Type Appointment
Name of the CEO Mr. Haytham M. Al-Hamidi
Date of Board Resolution 2020-01-02 Corresponding to 1441-05-07
Start Date 2020-07-01 Corresponding to 1441-11-10
Brief Resume The new CEO Mr. Haytham M Al-Hamidi, has a proven record of experience in the field of retail, marketing and sales since he has been Deputy CEO of SACO since the beginning of 2019 in addition to his position in the company as head of the Marketing and Sales department since 1993, He holds a Bachelors degree in Economics in 1987 from Southern Methodist University (SMU) in Dallas Texas USA and Master degree in Business Administration from the University of Dallas in 1989G

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