BinDawood Holding Company , one of the leading companies in the retail sector in the Kingdom of Saudi Arabia, announced today its official approval of the request submitted by Mr. Khaled Dawood BinDawood , which includes his desire not to continue in his position as Managing Director of the company.
The company explained in an official statement published on the Saudi Stock Exchange website “Tadawul”, that this decision came based on special circumstances expressed by the managing director, while confirming at the same time his continuation as a member of the board of directors in the capacity of (non-executive member), which ensures the continued benefit of his accumulated experience in guiding the company’s future strategies.
Bin Dawood Holding's position in the Saudi market
These management changes come at a time when BinDawood Holding Company continues to strengthen its position in the Saudi retail market, as it is one of the leading operators of hypermarkets and supermarkets in the Kingdom. The company manages two major brands, BinDawood and Danube, which have a wide presence in major cities, particularly in Mecca, Medina, Jeddah, and Riyadh.
The company has a long history of serving consumers in the Kingdom, where its name has been associated with providing high-quality food and consumer products, in addition to its pivotal role in serving pilgrims through its branches spread throughout the Western Region, which reflects the company’s strategic importance in the food security system and the local retail sector.
The importance of governance and the stability of boards of directors
Shifts in leadership positions, such as the managing director moving to a non-executive role, are standard practice in corporate governance for listed companies. Khaled Bin Dawood's continued presence on the board reflects the company's commitment to maintaining administrative stability and ensuring a smooth transition of executive responsibilities, thereby serving the interests of shareholders and guaranteeing business sustainability.
The retail sector in Saudi Arabia is witnessing rapid growth in line with the objectives of the Kingdom’s Vision 2030, which focuses on diversifying the economy and raising the quality of life. This places on leading companies such as “Bin Dawood Holding” the responsibility of continuously adapting to market changes and developing their administrative structures in line with the aspirations of the next stage.
