LONDON - Petrofac Limited (LSE:LON:PFC) announced on Monday that Sara Akbar, a Non-executive Director of the company, will step down from her board duties effective January 31, 2025. Akbar is leaving to focus on other business interests after serving on the board since 2018.
René Médori, the Chair of Petrofac, acknowledged Akbar's contributions, particularly during the company's recent strategic and financial review, which led to a comprehensive financial restructuring announced in December 2024. Médori thanked Akbar for her dedication and for helping to set the stage for what he described as "a new beginning for Petrofac."
Akbar expressed her pride in having served on the Petrofac Board for six years. She highlighted the significance of the recently agreed lock-up agreement as part of the company's financial restructuring and expressed her commitment to supporting the implementation of the next stage of this process. Akbar also stated her intention to continue supporting the company as it enters a new phase of growth.
The press release also detailed the current composition of Petrofac's Board Committees following the changes. The Nominations, Audit, Compliance & Ethics, Remuneration, and Special Committees have been updated with the respective chairs and members.
This board update follows the company's previous announcement on December 22, 2024, regarding future changes to the board's composition, which are part of Petrofac's financial restructuring efforts.
Petrofac is a leading international service provider to the energy industry, operating primarily in the Middle East and North Africa (MENA) region and the UK North Sea. The company has a global workforce of 8,500 employees spread across 31 offices.
This news article is based on a press release statement from Petrofac Limited.
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