Muscat Finance issues statement on Non-Renewal of CEO’s Fixed Term Employment Contract

Muscat: Muscat Finance issues statement regarding Non-Renewal of CEO’s Fixed Term Employment Contract

In a disclosure to Muscat Stock Exchange the company said: “We hereby notify you that the Board of Directors has made the decision not to extend the fixed-term employment contract of our CEO, Mr. Hussain Ali Ibrahim Al-Lawati, due to not reaching to an agreement on the renewal terms. Consequently, the aforementioned contract will naturally reach its conclusion as originally stipulated, bringing an end to Mr. Hussain’s tenure as CEO on January 4, 2024.

The Board of Directors expresses its appreciation to Mr. Hussain Ali Ibrahim Al- Lawati for his contributions and extends its best wishes for his future endeavours.

Mr. Sudeep Vas — Head of Business – Retail will be designated as the ‘Acting CEO’ from January 4, 2024, until a new CEO is appointed, noting that the company is actively engaged in the process of appointing a new CEO.”

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