Red Sea International appoints Nassief CEO as Baothman steps down

Ghassan Nassief brings more than 25 years of experience across banking, investment, financial advisory, restructuring and business transformation

Red Sea International Co. said its board approved the resignation of CEO Hani Baothman, effective Aug. 28, following the completion of his agreed three-month notice period, according to a statement to Tadawul.

The resignation was due to the completion of the company's restructuring process, which included reducing activities in unprofitable overseas markets, refocusing on the company’s core oil and gas activities in Saudi Arabia through its plant in Jubail. This is in addition to overseeing the capital increase process.

Baothman will remain the company’s Managing Director, drawing on his extensive leadership experience to help oversee its strategic priorities, projects, and execution initiatives, including the capital increase plan.

The board appointed Ghassan Nassief as CEO, effective Aug. 28, the statement added.

Nassief has more than 25 years of professional and executive experience spanning corporate banking and investment, financial advisory, restructuring business transformation, and business development.

Throughout his career, he held several senior and executive positions, most notably Managing Director of Teneo in Saudi Arabia, Business Development Director at Swicorp, and Head of International Corporate Banking at Emirates Islamic Bank. He also held several senior positions in the banking sector at Saudi Hollandi Bank, National Commercial Bank, Bank Albilad, SABB, and Banque Saudi Fransi.

Nassief also founded GNN Financial Advisory, a firm specializing in financial advisory, restructuring, debt advisory, and mergers and acquisitions services.

He holds a bachelor’s degree in electrical engineering from King Fahd University of Petroleum and Minerals, as well as several professional certifications and specialized training in finance, leadership, and restructuring.

The company had appointed Baothman as CEO and Managing Director, effective Nov. 12, 2025. His term as Managing Director will continue until the end of the current board term on May 9, 2027, according to Argaam data.