(MENAFN - Arab News) Kingdom Holding Company has announced the retirement of Shadi Sanbar from his position as chief financial officer effective December 31.
In addition, Sanbar will serve as senior financial adviser to Prince Alwaleed bin Talal, chairman of KHC and will remain as a non-executive member of the board of directors of KHC and a board member to other KHC associates namely Four Seasons Hotels and Resorts and Fairmont Hotels and Resorts Inc. Holding Limited.
The announcement followed a board of directors meeting held on Tuesday.
A press release said KHC, represented by the chairman and members of the board of directors, expressed their thanks to Shadi Sanbar for his valuable and effective contribution during his tenure at KHC and looked forward to his continuing involvement as a senior financial adviser and board member.
In response, Sanbar expressed his deepest thanks, appreciation and gratitude for Prince Alwaleed's continued support that led to great business achievements sinceKHC's IPO in 2007.
Sanbar said: "My association with the Prince and KHC has been the challenge of a lifetime and has been most rewarding ever."
KHC also announced the appointment of Mohammed Fahmy as the chief financial officer and a member of the investment committee.
Fahmy has served as the company's deputy CFO since March of this year.
Fahmy is highly accomplished with 18 years of progressive track record of achievements.
Fahmy worked as a corporate banker then an investment banker for a combined period of 13 years within a number of regional and international banks. He also worked as a CFO for a combined period of five years before joining KHC.
In addition, KHC announced the appointment of Adel Alsayed the executive director for international and private equity as a KHC board member effective January 15.
Adel Al-Sayed has more than 25 years' experience in financial advisory and private equity investments.
His last position was the CEO of an investment Bahrain-listed Company.