KUWAIT: The Board of Directors of KIPCO - the Kuwait Projects Company (Holding) - has approved Faisal Al-Ayyar's request to be relieved of his duties as executive on account of retirement after more than 30 years with the company. The board announced that it has appointed Sheikha Dana Nasser Sabah Al-Ahmad as the company's Group Chief Executive Officer, effective January 1, 2022.
Al-Ayyar joined KIPCO in 1990 when it was a $220 million regional investment company. Under his stewardship, KIPCO developed into one of MENA's leading holding companies with interests in financial services, media, real estate, manufacturing and education, with operations in 24 countries and consolidated assets of over $30 billion. He will continue to serve as Vice Chairman.
KIPCO's Chairman said: "I would like to take this opportunity to thank my life-long business companion, Faisal, for his efforts over the course of three decades, which have led KIPCO's growth into the regional powerhouse it is today. We are happy that he will continue to serve on the Board of Directors of KIPCO and several of its Group companies."
He added: "The Board of Directors is delighted that Dana has accepted the position of Group CEO, bringing with her both strategic and operational experience that we are confident will lead KIPCO forward as it realizes its vision of implementing a model of sustainability, agility and business excellence across the Group."
Sheikha Dana Nasser Sabah Al-Ahmad is the Founder and Chair of the Board of Trustees of the American University of Kuwait (AUK). She is also Chairperson of United Education Company. She was formerly the CEO of Al Futtooh Holding Company and has been a KIPCO Board Member since 2020. She holds Board positions in Gulf Insurance Group, OSN and Kamco Invest.
Sheikha Dana holds an Honorary Doctorate of Humane Letters from Dartmouth College, USA, and a BA in English Literature from Kuwait University. She also studied at Indiana University in Bloomington, USA. On his part, Faisal Al-Ayyar said: "On this occasion, I would like to extend my gratitude to the Chairman and the company's shareholders for the trust they place in me for three decades. I would also like to thank the executive team and employees of KIPCO for their dedication in serving the organization and its shareholders, and I am confident that they will take the company to greater horizons."
Meanwhile, Sheikha Dana Nasser Sabah Al-Ahmad said: "I thank the Chairman and the Board of Directors for their trust, and I look forward to working with them to implement a new strategy that will take us forward while serving to enhance value for our shareholders. KIPCO's reputation and status drives us to exert great efforts to elevate our position in the sectors in which we operate, and also to explore new investment areas. I am confident of the expertise and capabilities of the executive team, and I am delighted to be working with them in this phase."