Fawaz Abdulaziz Alhokair Co. Announces CEO Departure

Fawaz Abdulaziz Alhokair Co. (“Alhokair” or the “Company”, 4240 on the Saudi Exchange), the leading franchise retailer in Saudi Arabia, today announced a change in leadership which will see Mr. Marwan Moukarzel, the current Chief Executive Officer (“CEO”), stepping down at the end of April 2022 to take on the position of CEO – International with Saudi FAS Holding Company (“Fawaz Al Hokair Group”), the majority shareholder of Alhokair.

Fawaz Abdulaziz Alhokair, Chairman of the Alhokair Board said: “We thank Marwan for the passion and commitment he has brought to Alhokair since joining in early 2019. His leadership has positioned the Company on a strong footing having successfully implemented a new strategy to materially improve all aspects of our business and deliver long-term growth.”

Mr. Mohamad Mourad has been appointed as interim CEO from 1 May 2022 until a permanent replacement for Mr. Moukarzel is finalized. Mr. Mourad is currently the Chairman of Fawaz Abdulaziz Alhokair Co’s executive committee and brings 28 years of global management experience in technology, retail, consumer goods and e-commerce. He holds a Bachelor of Science in Business Economics from the Lebanese American University and an MBA from INSEAD, France.

Marwan Moukarzel, Chief Executive Officer at Alhokair said: “I am extremely proud of the progress made across the company since joining three and a half years ago and very grateful to all my colleagues for their support and dedication in positioning Alhokair as the leading lifestyle retailer of choice in Saudi Arabia and other strategic markets. In that time, we have successfully driven a turnaround strategy that has transformed the business and positioned it on a sustainable path, with many exciting opportunities to drive. As indicated at our nine months interim results, sales are now surpassing pre-pandemic levels and Alhokair is set to deliver a profitable full year performance. My focus in the month ahead is now to deliver on the important Ramadan trading month and ensure a smooth handover process to Mr. Mourad.”

Key milestones achieved through the operational upgrade strategy, led by Mr. Moukarzel, include the successful optimization of the portfolio, the onboarding of new international lifestyle brands such as Fnac Darty, Alo Yoga, Flying Tiger and Decathlon as well as international F&B giants such as Subway, with major expansions set for 2023. Alhokair has also developed a genuine omnichannel shopping experience supported by the acquisition of Vogacloset in 2021 and the anticipated launch of FAS Finance which aims to offer customers a variety of microfinance solutions. All these initiatives are now backed by a reinforced support function driving operational excellence.

Mohamad Mourad, incoming interim Chief Executive Officer at Alhokair commented: “I am excited at the opportunity to work with the company’s leadership team to maintain the positive momentum and capitalize on the fantastic platform that has been created over the past few years. With a clear plan to strengthen its financial position and an ambitious expansion program, Alhokair is on-track to deliver long-term sustainable returns as we emerge from the pandemic.”

The process to appoint a permanent CEO is underway and updates in this regard will be announced in due course.