(Alliance News) - Petrofac Ltd on Monday said Ayman Asfari, its long-standing chief executive, plans to retire and named former Royal Dutch Shell PLC executive Sami Iskander as his replacement.
The oilfield services company said CEO Asfari has decided to retire from the role at the end of 2020 to focus on his family, health and charitable interests. He became Petrofac CEO in 2002.
Asfari, however, will be appointed as a non-executive director to Petrofac's at the start of 2021, to provide stability and continuity.
The firm said Iskander will join as deputy CEO on November 1 and, following a short transition period, will assume the role of group CEO from January 1.
Iskander was a vice president at Royal Dutch Shell PLC's Upstream Joint Ventures business from 2016 to 2019.
Petrofac Chair Rene Medori said: "The board has been planning for his retirement for some time and I am delighted that we have been able to attract a candidate of Sami Iskander's calibre, who was identified following a comprehensive external and internal search process. He has an excellent industry pedigree both in international oilfield services and upstream E&P, a deep and local understanding of our markets and client landscape, and a proven track record in business transformation."
Shares in FTSE 250-listed Petrofac were up 0.1% at 116.61 pence each in London on Monday morning.
By Tapan Panchal; tapanpanchal@alliancenews.com
Copyright 2020 Alliance News Limited. All Rights Reserved.
Petrofac (PFC)