Care International, a company specializing in telecommunications and information technology infrastructure services, announced a significant administrative development: its board of directors accepted the resignation submitted by its chairman, Mr. Muath bin Ibrahim Al-Suhaibani. According to the official statement issued by the company and published on the Saudi Stock Exchange (Tadawul), Mr. Al-Suhaibani submitted his resignation from his positions as chairman, board member, and executive committee member on February 12th, citing "personal reasons." The resignation is effective immediately.
General context and corporate governance
This move comes at a time when companies listed on the Saudi Stock Exchange, including the parallel market “Nomu” where Care International is listed, continue to enhance their governance and transparency practices. Resignations and appointments of senior leadership are a natural part of a company’s life cycle, reflecting the dynamics of its management and strategic operations. Care International was established as a key player in the technology infrastructure sector, a vital sector supporting the digital transformation goals of the Kingdom’s Vision 2030, thus placing its leadership under constant scrutiny.
Impact of the decision and the transitional phase
In response to this development, the Board of Directors convened and decided to assign the duties and responsibilities of the Chairman of the Board, Mr. Ahmed bin Mohammed Al-Hazmi, on a temporary basis. This step aims to ensure business continuity and maintain the stability of the company's strategic direction until the completion of the necessary procedures for appointing a new Chairman. Investors and analysts closely monitor such changes, as they can impact the stock's performance in the short term. However, the Board's swift response in appointing an acting chairman sends a reassuring message regarding the stability of the company's internal governance.
Thanks and appreciation
The Board of Directors expressed its deep gratitude and appreciation to Mr. Muath Al-Suhaibani for his outstanding efforts and valuable contributions during his tenure as Chairman. The Board commended Mr. Al-Suhaibani's positive role in supporting the company's progress and contributing to the achievement of its strategic objectives, wishing him continued success in his future endeavors. Now, attention turns to the next phase, as the Board will work to select a new leader to continue the growth and expansion of Care International, capitalizing on the promising opportunities offered by the Saudi economy.
