Logo of The Mediterranean and Gulf Insurance and Reinsurance Co. (MEDGULF)
The Mediterranean and Gulf Insurance and Reinsurance Co.’s (MEDGULF) board of directors decided on March 26 to terminate the contract of CEO Goetz Kuras, with immediate effect.
In a statement to Tadawul, the insurance services provider said the decision was based on Article 80 of the Saudi Labor Law, as Kuras failed to perform his duties. The company retains its legal rights and shall announce any material developments, if required by the relevant regulations.
The board also approved appointing Umar Al Mahmoud as Acting CEO, effective immediately as the company goes through restructuring and organizes its executive management.
Al Mahmoud has long experience in the field of corporate management as well as the insurance sector. He held several leadership positions in MEDGULF, the latest of which was the Deputy CEO.
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