SARCO terminates CEO contract, names Osama Baaj as Acting CEO

Logo of Saudi Arabian Refineries Co.

Saudi Arabian Refineries Co.'s (SARCO) board of directors approved on Sept. 30 to terminate the contract of CEO Khalid Al-Qazlan, effective from the approval data, according to the Tadawul website.

In a statement on Tadawul, the company added that Osama Baaj, who is currently the Financial Director, was appointed as the acting CEO until a new CEO is named.

Baaj has 12 years of administrative and operational experience, as well as expertise in financial affairs.

Meanwhile, the board greenlit the appointment of Prince Mohammed bin Khalid Al Saud (non-executive) as Chairman and Yasser Al-Aqeel (independent) as Vice Chairman, the company said in another statement to Tadawul.

The appointment of Al-Aqeel (independent) as Vice Chairman followed the board's acceptance of Vice Chairman Hattan Al-Sharif's (non-executive) resignation from the board and subcommittees for the current three-year session, which began on May 1, 2021, for personal reasons.

This was in accordance with the board's minutes issued by circulation on Sept. 30, the company said, adding that the resignation is effective from the minutes date.