NEW BOARD OF MAGRABi RETAIL GROUP - LEADING THE WAY IN MIDDLE EAST GOVERNANCE PRACTICES

RIYADH, Saudi Arabia, Nov. 27, 2023 /PRNewswire/ -- MAGRABi Retail Group, the Middle East's leading eyewear retailer, today announces a new, innovative board structure that re-envisions corporate governance practices in the Middle East.

The new board members, recognized for their deep sector expertise and caliber within their respective industries, have been carefully chosen to align with the Group's strategic objectives. The board includes prominent industry leaders with diverse backgrounds and extensive international experience, reflecting the Group's commitment to excellence and global standards.

The board's formation follows the appointment of Yasser Taher as the Group's first non-family CEO, and the Group is delighted to announce that its board now consists of a majority of independent members, with equal voting rights, irrespective of shareholding. By design, the new board structure is aligned with Harvard Business School's Fortune 500 best practice recommendations for corporate governance. Additionally, the board structure includes a lead independent director, considered standard practice for listed companies worldwide.

"This achievement as a private company in the Middle East is a remarkable feat and a testament to our ambitions for the future," said Yasser Taher, CEO of MAGRABi Retail Group. "I'm excited about the growth of MAGRABi Retail under the direction of this board, and its already evident how the board's insights and contributions are shaping the way management is making decisions and shaping our strategy." 

The Retail Group's new board consists of nine seats, with six seats occupied by entirely Independent Directors, selected to align with the Group's strategic objectives. The newly appointed Independent Directors join the existing board Directors: Amin Magrabi, Chair of MAGRABi Retail Group; Yasser Taher, CEO of MAGRABi Retail Group; and Ahmed Magrabi, CEO of AMICO Group.

MAGRABi's forward-thinking approach is exemplified by its commitment to achieving a 50:50 gender balance across all levels of its workforce. Excluding the Chair position, the Group is pleased to announce the new board ratio meets this goal, building upon the gender split of the C-Suite leadership team announced on February 2, 2023. In addition to leading on gender equity, and in a rare step certainly for the Middle East, the Group has added formidable Environmental, Social and Governance (ESG) expertise to the board.

Amin Magrabi, Chair of MAGRABi Retail Group, emphasized the significance of this milestone: "Moving from a family-led structure to one that is majority independent marks an important step in the history of the Group. Achieving world class governance standards for publicly listed companies and role modelling best practices is one of the primary objectives of my tenure as Chair, and I am delighted to lead a high-caliber board with such diverse backgrounds and international expertise, as we prepare for the future."