Tourism Enterprise Co. (Shams) announces the termination of the contractual relationship by mutual agreement with the CEO and the appointment of a new CEO.
| Element List | Explanation |
|---|---|
| Introduction | Tourism Enterprise Company (Shams) announces that its Board of Directors, in its decision dated 17/07/2026, approved the termination of the contractual relationship by mutual agreement with the company's CEO, Eng. Abdullah bin Omar Al-Suwailem, effective 17/07/2026. The Board of Directors also resolved to appoint Mr. Majed bin Nawwar Al-Otaibi as the company's CEO, effective Friday, 17/07/2026 The Board of Directors extends its gratitude to Eng. Abdullah bin Omar Al-Suwailem for his service to the company. |
| Element List | Explanation |
|---|---|
| Name of the Resigned Person | Eng. Abdullah bin Omar Al-Suwailem |
| Resignation Acceptance Date | 2026-07-17 Corresponding to 1448-02-03 |
| Resignation Effective Date | 2026-07-17 Corresponding to 1448-02-03 |
| Reasons for Resignation | Ending the relationship by mutual consent between the two parties. |
| Element List | Explanation |
|---|---|
| Appointment Type | Appointment |
| Name of the Appointed Person | Mr. Majid bin Nawwar Al-Otaibi |
| Date of Board Resolution | 2026-07-17 Corresponding to 1448-02-03 |
| Date Work Commencement | 2026-07-17 Corresponding to 1448-02-03 |
| Brief Resume | Mr. Majed Al-Otaibi has over twenty-five years of experience in the investment and asset management sectors, during which he held many leadership positions in the banking and investment companies' sector, leading innovative investment strategies, while applying the highest standards of governance and risk management. He holds a master’s degree in economics from Ohio University - USA. |
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