Riyadh – Mubasher: Lana Medical Company has announced a significant restructuring of its Audit Committee following the resignation of a key member, according to a bourse filing.
The company confirmed that Abdullah Ibrahim Al Yousef stepped down from the committee effective 24 June 2026, citing personal reasons.
In a simultaneous move to strengthen its oversight framework, the Board of Directors has appointed Faisal Ayedh Al Nufaie as a new independent member and announced the consolidation of its Governance Committee functions into the Audit Committee’s expanded mandate.
The departure of Al Yousef marks the end of a tenure that began on 9 December 2024. He submitted his resignation on 24 June 2026, with the board accepting the decision to take effect immediately on the same date.
To fill the vacancy, the company has appointed Al Nufaie, effective 25 June, to join the committee as an independent member from outside the Board of Directors. His appointment brings a wealth of specialized expertise in corporate governance and economic law to Lana Company.
A veteran of the Saudi financial and corporate sectors since 2010, Al Nufaie has held prominent leadership roles, including Vice President of Governance and Board Secretary at Al Rajhi Bank and Head of Governance at Banque Saudi Fransi.
He further has professional background spanning multiple sectors, including telecommunications with Mobily and Zain, as well as real estate and financial services. He currently serves on the Board of Directors of Al Dhafer Logistics and is an active member of several Governance, Risk, and Compliance (GRC) committees. His academic credentials include a Master’s degree in Economics from Western Illinois University in the United States, complemented by dual Bachelor’s degrees, including one in Law.
Al Nufaie is also a member of the Chartered Governance Institute in the United Kingdom and the Society for Corporate Governance in the United States.
In a strategic shift in corporate oversight, Lana Medical also disclosed the dissolution of its dedicated Governance Committee. The company has moved to transfer all responsibilities, powers, and jurisdictions previously held by the Governance Committee to the Audit Committee.
This consolidation aims to streamline the company’s internal controls and oversight mechanisms under a single unified body.
Following these changes, the newly constituted Audit Committee will be composed of four members. Mohammed Ali Sulaiman Al Jouan, an independent board member, will continue to serve as the Chairman. He is joined by two independent members from outside the board, namely Ayman Hamdan Fahad Al Ruwaili and the newly appointed Faisal Ayedh Al Nufaie.
Mohammed Abdulkarim Abdullah Al Matroudi will serve as the Secretary of the Committee.
The board's decision regarding these appointments and the committee's restructuring was formalized during a meeting held on 1 December 2025, ensuring a planned transition for the company’s governance framework.
The integration of governance duties into the Audit Committee reflects an evolving approach to corporate management at Lana Company, placing increased emphasis on the intersection of financial auditing and regulatory compliance.
By appointing a specialist of Al Nufaie’s caliber, the company signals a commitment to maintaining high standards of transparency and institutional discipline as it navigates its obligations on the Tadawul.
