Shari Trading Company announced in an official statement today, Sunday, that its Board of Directors has accepted the resignation of Mr. Sultan Al-Duwaish from his position as Vice Chairman and Board Member. The company explained in its announcement, published on the Saudi Stock Exchange (Tadawul) website, that the resignation was at Mr. Al-Duwaish's request and due to personal circumstances, noting that the resignation will be effective from January 12, 2026.
The company's board of directors expressed its sincere thanks and appreciation to Sultan Al-Duwaish, acknowledging his significant and distinguished contributions throughout his tenure on the board. The board affirmed that Al-Duwaish's contributions played a tangible and positive role in supporting the company's operations, strengthening its market position, and helping it achieve its strategic objectives during the past period. They wished him continued success in his future professional and personal endeavors.
The importance of governance and transparency in the Saudi market
This announcement comes as part of the commitment of companies listed on the Saudi Stock Exchange (Tadawul) to the disclosure and transparency standards mandated by the Capital Market Authority. Changes to boards of directors, whether through resignation or appointment, are considered material events that must be announced immediately to ensure that all shareholders and investors receive the information simultaneously. This procedure reflects the maturity of the investment environment in the Kingdom of Saudi Arabia, where Vision 2030 places great emphasis on developing the financial sector and strengthening corporate governance to ensure business sustainability and protect shareholder rights.
The role and influence of the Vice Chairman of the Board
The position of Vice Chairman of the Board is a sensitive and pivotal one in the administrative structure of any publicly traded company. The Vice Chairman performs vital tasks, including supporting the Chairman in guiding the company's strategies, ensuring effective oversight of executive performance, and assuming the chairman's duties in the Chairman's absence. Therefore, the resignation of a senior figure from this position typically necessitates swift action from the Nominations and Remuneration Committee to find a qualified and experienced replacement to fill the vacancy, ensuring the smooth continuation of operations and preventing any disruption to the company's expansion plans.
Upcoming regulatory procedures
Shari Trading Company confirmed that it is in the process of completing all related regulatory procedures in accordance with the regulations and bylaws of the Ministry of Commerce and the Capital Market Authority. The company is expected to announce the replacement candidate or the mechanism for appointing a new board member in the coming period. This typically requires the approval of the shareholders' general assembly at its next meeting to ensure the board continues to perform its duties with a full quorum and its usual efficiency.
