Riyadh – Mubasher: Watani Iron Steel Company has officially announced the restructuring of its Board of Directors and the formation of its sub-committees for the upcoming four-year term.
Following the Ordinary General Meeting (OGM) held on 28 June 2026, the company has designated its Chairman, Vice Chairman, and Managing Director to lead the organization through July 2030.
The announcement follows the election of the Board of Directors during the general assembly’s first meeting of the year.
The newly established board cycle is scheduled to begin on 2 July 2026 and will remain in effect for a period of four calendar years, concluding on 1 July 2030. This administrative transition is part of the company’s standard governance procedures to ensure leadership continuity and strategic oversight.
In a move to consolidate its executive and non-executive leadership, the Board of Directors passed a resolution to appoint Abdulkarim Mohammed Al Rajhi as the Chairman of the Board.
Supporting the chairmanship, Faisal Mohammed Hammad Al Obaid has been appointed as the Vice Chairman. To bridge the gap between board-level strategy and day-to-day operations, the company has also named Yousef Mohammed Al Turaif, an executive board member, as the Managing Director.
The board further addressed administrative requirements by appointing Yazid Abdullah Al Marzouq as the Secretary of the Board of Directors. These leadership roles are essential for the company as it navigates the industrial landscape in the Kingdom over the next four years.
A significant portion of the disclosure focused on the formation of specialized committees designed to uphold corporate governance standards.
The Nominations and Remunerations Committee has been established with a diverse membership to ensure objectivity. The committee includes Abdullah Al Samaani, an independent board member; Meshal Abdulkarim Al Rajhi, a non-executive board member; and Omar Mohammed Al Turaif, who serves as a member from outside the board. This structure is intended to provide a balanced perspective on executive compensation and board nominations.
Regarding the Audit Committee, the company confirmed its formation by a board decision dated 2 July 2026. However, the specific details regarding the committee’s composition and its members will be shared in a subsequent, dedicated announcement. This follows the specific instructions and regulatory frameworks governing the disclosures of listed companies in Saudi Arabia.
To maintain robust communication with regulatory bodies, Watani Iron Steel has designated Yousef Mohammed Al Turaif and Yazid Abdullah Al Marzouq as the official company representatives to the Capital Market Authority (CMA) and the Saudi Tadawul.
These representatives will be responsible for ensuring that the company adheres to all reporting requirements and maintains transparency with the investment community. The formalization of the board and its committees marks the completion of the transition into the new term.
By establishing these roles, the company aims to provide a stable governance environment that aligns with the long-term interests of its shareholders and the broader regulatory requirements of the Saudi financial market.
The appointments reflect the results of the shareholder vote and the board's commitment to a structured management framework for the 2026-2030 period.
Earlier in June, the company’s shareholders discharged the board of directors from liability and elected a new board for a four-year term.
