Saturday, 3 June 2023

Contract with MEDGULF Insurance CEO terminated for his severe lack of performance

The Mediterranean and Gulf Cooperative Insurance and Reinsurance Company (MEDGULF Insurance) (“Company”) announces the issuance of the Board of Directors’ resolution on 26/03/2023, to terminate the contract of the CEO of the company, Dr. Goetz Kuras, as of the date of the resolution, based on Article 80 of the Saudi labour law, for his severe lack of performance with regards to his core duties, while the company retains its legal rights and shall announce any material developments if required by the regulating policies.

The company also announces the Board of Directors’ resolution in its meeting held on 26/03/2023, to assign Mr. Umar Al-Mahmoud as Acting CEO and carry out the duties of the CEO of the company during the transitional period as the company goes through the restructuring and the organizing of its executive management starting from 26/03/2023.

Mr. Umar Al-Mahmoud has long experience in the field of corporate management as well as the insurance sector, and that he held several leadership positions in MEDGULF, the latest of which was the Deputy Chief Executive Officer.

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