DUBAI (Reuters) – Saudi state-owned Aramco, the world's leading oil company, has appointed five new members to its board on Sunday, including a female executive, a milestone for Saudi Arabia and the oil industry with few women executives.
The appointments come as the Saudi government plans to hover around 5 percent of Aramco in an IPO later this year or early 2019.
Saudi Arabian Finance Minister Mohammed al-Jadaan and Minister of Economy and Planning Mohammed al-Tuwaijri were appointed as members of the Board of Directors, Aramco said in a statement.
Joined by Lynn Laverty Elsenhans, former chairman, president and CEO of US oil refinery Sunoco Inc. ( SUN.N ) from 2008 to 2012.
Elsenhans was named by Forbes as in 2008 she was one of the most powerful women in the world. Prior to joining Sunoco, Elsenhans was Executive Vice President of Global Manufacturing at Royal Dutch Shell, where she spent more than 28 years.
She was also a board member of Baker Hughes from 2012 to July 2017 and serves on the board of GlaxoSmithKline.
Aramco's five new board members will join six returnees, including Saudi Minister of Energy Khalid al-Falih, who is also Aramco's chairman, and Amin Nasser, Aramco's CEO.
The 11-member Executive Board is appointed by the Saudi Cabinet.
The outgoing board members are Majid Al-Moneef, Advisor to the Saudi Royal Court; Khaled al-Sultan, Rector of King Fahd University of Petroleum and Minerals; and Peter Woicke, former Managing Director of the World Bank and former Vice President of International Finance Corporation
Report by Rania El Gamal; Arrangement by Ghaida Ghantous and Elaine Hardcastle