22nd Nov 2022 10:28
(Alliance News) - Petrofac Ltd on Tuesday said that Chief Executive Officer Sami Iskander will leave the business at the end of March to pursue other interests.
The Jersey-based service provider to the energy industry has appointed Tareq Kawash as CEO, and he will step into the role on April 1, following an "orderly" handover. Kawash will also be appointed as an executive director.
Petrofac said Kawash has worked in the engineering and construction industry for over 30 years and has completed both domestic and international assignments for mega onshore and offshore oil and gas projects.
Kawash joins from McDermott International Ltd, a Texas, US-based engineering and construction solutions company for the energy industry, where he worked for 21 years. Most recently, he was senior vice president of McDermott's Onshore and Offshore Business Lines, and a member of its executive committee.
“Having overseen the resolution of the Serious Fraud Office's historic investigation and led a comprehensive refinancing programme, Sami has reshaped the business and put it firmly on a path to growth," Chair Rene Medori said.
Sami Iskander, outgoing CEO, added: "I joined Petrofac with the task of setting the business on the right course for sustainable growth, resolving historic issues and positioning the group for the future. After an intense period, Petrofac is today in a stronger position."
Petrofac shares were down 7.1% to 110.30 pence on Tuesday morning in London.
By Jaskeet Briah; [email protected]
Copyright 2022 Alliance News Limited. All Rights Reserved.
Related Shares:
Petrofac