Kingdom Holding accepts resignation of two board members

Kingdom Holding Co.’s board of directors has accepted the resignation of two board members, Shadi Sanbar and Adel Al Sayed, the company said in a bourse statement on Thursday.

Sanbar, who is an independent board member, submitted his resignation on May 25. Al Sayed, who is an executive member, resigned on May 28.

The resignations were accepted on May 31 and became effective immediately.

Kingdom Holding added that it will not appoint board members to replace Sanbar and Al Sayed, as it recently changed its bylaws to reduce the number of board members from nine to seven.