Fawaz Abdulaziz Alhokair Co. announced that the board of directors has accepted the resignation of the Company's Chief Executive Officer (“CEO”), Mr. Marwan Aziz Moukarzel effective from 30 April 2022. Mr. Moukarzel accepted a position as CEO – International with Saudi FAS Holding Company, the Company's major shareholder.

The Board of Directors has also approved the appointment of Mr. Mohamad Rafic Mourad, currently the Chairman of Fawaz Abdulaziz Alhokair Co's executive committee, as interim CEO of Alhokair effective from 01 May 2022 until a permanent replacement for Mr. Moukarzel is finalized.