L'azurde Company for Jewelry Announces Board Changes
December 11, 2018
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L'azurde Company for Jewelry announced that the board of directors has accepted on December 11, 2018, the recommendation of the nominations and remuneration committee to appoint Mr. Selim Chidiac, as an executive Board member and Mr. Sunil Bhilotra as a non-executive Board member This appointment is effective from December 11th 2018 and up to end of current Board term at April 25, 2021. This appointment will be final upon the approval at the first ordinary general assembly meeting. At the same meeting, the board of directors has accepted the resignation letters submitted in November 1, 2018, from both Mr. Rabih Michel Khouri (a non- executive Director) and Mr. James Leonard Tanner (a non-executive Director) from the board membership and all board committees for personal reasons. The resignations are effective on December 11, 2018. Worthy to mention both of them have been appointed by the general assembly on April 26, 2018. Mr. Sunil Bhilotra also has been appointed as a member of the executive committee effectively from December 11, 2018, based on the recommendation of the nominations and remuneration committee. Mr. Selim Chidiac, is currently holding Chief Executive Officer position of L'azurde Company for Jewelry since 2010. Previously he occupied the position of Chief Executive Officer Red Bull North America based in Los Angeles and Regional President Asia, Pacific, Middle East and Africa at Red Bull, Japan from 1999 to 2010. Prior to Red Bull, Selim Chidiac worked at Procter & Gamble in Switzerland and Austria as a marketing manager. Mr. Sunil Bhilotra is currently holding the position of Principal, Private Equity MENA in Investcorp Bank based in Bahrain. He joined Investcorp in 2009 from Barclays Capital where he was a Director in the Sponsor and Leveraged Finance team. Prior to that, he worked with Credit Suisse's Financial Sponsors Group and Investment Banking team.
L'azurde Company for Jewelry SJSC is a Saudi Arabia-based company engaged in the production, manufacturing, forming, forging of golden wares, Jewelry, precious stones, and golden alloy. The Company is also engaged in sales of watches, Glasses, accessories, pens, perfumes, and leather products, among others. The Companyâs subsidiaries include ORO Egypt for manufacturing precious metals, L'azurde Egypt for Jewellary LLC, L'azurde Company for Jewellary LLC, L'azurde Jewellary LLC, Al Mujouharat Almasiah LLC, and Kenaz LLC, among others. The Company operates in Saudi Arabic, Kuwait, Egypt, United Arab Emirates, Qatar and Oman.