Fawaz Abdulaziz Alhokair Co. Announces CEO Departure

Fawaz Abdulaziz Alhokair Co. Announces CEO Departure

Fawaz Abdulaziz Alhokair Co. (“Alhokair” or the “Company”, 4240 on the Saudi Exchange), the leading franchise retailer in Saudi Arabia, today announced a change in leadership which will see Mr. Marwan Moukarzel, the current Chief Executive Officer (“CEO”), stepping down at the end of April 2022 to take on the position of CEO – International with Saudi FAS Holding Company (“Fawaz Al Hokair Group”), the majority shareholder of Alhokair.

Fawaz Abdulaziz Alhokair, Chairman of the Alhokair Board said: “We thank Marwan for the passion and commitment he has brought to Alhokair since joining in early 2019. His leadership has positioned the Company on a strong footing having successfully implemented a new strategy to materially improve all aspects of our business and deliver long-term growth.”

Mr. Mohamad Mourad has been appointed as interim CEO from 1 May 2022 until a permanent replacement for Mr. Moukarzel is finalized. Mr. Mourad is currently the Chairman of Fawaz Abdulaziz Alhokair Co’s executive committee and brings 28 years of global management experience in technology, retail, consumer goods and e-commerce. He holds a Bachelor of Science in Business Economics from the Lebanese American University and an MBA from INSEAD, France.

Marwan Moukarzel, Chief Executive Officer at Alhokair said: “I