SABIC says board member resigns, names replacement

Saudi Basic Industries Corp.'s (SABIC) headquarters

Saudi Basic Industries Corp.'s (SABIC) board of directors accepted today, Aug. 13, the resignation of board member Olivier Thorel, effective as of Aug. 31, 2023, the company said in a statement to Tadawul.

The board also appointed Faisal Al-Faqeer in the vacant board seat, effective as of Sept. 1, 2023, to complete the current board term ending on April 9, 2025.

Al-Faqeer has extensive experience in the petrochemicals and refining industries. He is currently Senior Vice President of Liquids to Chemicals in Saudi Aramco. He earned a Master’s degree and Ph.D. in Materials Science & Engineering from the Pennsylvania State University, as well as a Bachelor’s degree in Chemical Engineering from King Fahad University of Petroleum and Minerals.

SABIC also noted this decision is not final, and this appointment will be presented to the first meeting of the general assembly for approval.