Dur appoints new CEO, approves H2 2018 cash dividends

Dur Hospitality Company’s (Dur) board of directors appointed on May 12 Sultan Al-Otaibi as the new chief executive officer effective from July 1, 2019, the firm said in a bourse statement.

The new CEO has worked for 19 years of experience in the company, and his previous position was director of assets.

According to data compiled by Argaam, Dur’s board approved last month the resignation of former CEO Bader Al-Bader, which comes into effect as of June 30.

In a separate statement the firm said its shareholders approved yesterday the audit report, board report and financial statements for fiscal year 2018.

They also approved a 2.5 percent cash dividend for the second half of 2018.

Shareholders delegated the board of directors to pay semi-annual or quarterly dividends for fiscal year 2019.

They also approved contracts and deals for the new fiscal year with related parties.

In an ordinary general assembly meeting, Ernst & Young was appointed as the external auditor for 2019 and Q1 2020.

Shareholders approved board members’ remuneration of SAR 1.8 for 2018.