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Petrofac CEO Sami Iskander To Resign In March End; Tareq Kawash To Succeed

Oilfield services provider Petrofac Ltd. (POFCF.PK,POFCY.PK,PFC.L) announced Tuesday that Sami Iskander, Group Chief Executive, will leave the business at the end of March 2023 in order to pursue other interests.

The company appointed Tareq Kawash to succeed Iskander as Group Chief Executive, with effect from April 1. Kawash will also be appointed as an Executive Director to Petrofac's Board of Directors at that time.

The new appointment will be subject to the confirmation of shareholders at the next Annual General Meeting to be held in May 2023.

Tareq joins Petrofac from McDermott, where he was most recently Senior Vice President of its Onshore and Offshore Business Lines, and a member of McDermott's Executive Committee.

He holds over 30 years of international EPC leadership experience.

Group Chief Executive, Sami Iskander, said, "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."

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