Modern Mills Announces Resignation and New Appointment to Board of Directors

Modern Mills Company disclosed on Sunday the approval, via Board of Directors’ resolution (By Circulation) dated April 25, 2024, of the resignation of Mr. Abdulrahman Saud Alowais from his position as an Independent Board Member, citing personal reasons. His resignation is effective from April 25, 2024.

Simultaneously, the Board, through another resolution (By Circulation), appointed Mr. Nafez Riad Almorhabi as an Independent Board Member, effective from April 26, 2024, until the conclusion of the current Board term, which ends on August 15, 2027.

Mr. Nafez Riad Almorhabi brings over 25 years of experience in FMCG, retail, and financial consulting to the board. He served 14 years at Savola Group, holding various executive roles across its Food, Retail, and Packaging sectors, culminating in his position as Chief Investment Officer. Subsequently, he joined KPMG Professional Services, leading its M&A practice and serving as Chief Operating Officer for the firm in Saudi Arabia and the Levant countries.

The Board of Directors expresses sincere gratitude to Mr. Abdulrahman Saud Alowais for his dedication and contributions during his tenure and extends best wishes for success to Mr. Nafez Riad Almorhabi in his new role.