MAGRABi Introduces New Board Members to Enhance Corporate Governance
Eyewear retailer MAGRABi has recently enhanced their corporate governance by appointing industry veterans to their board of directors. The move aims to align the company with international standards and improve the overall governance landscape in the region.
The company’s CEO, Yasser Taher, highlighted that the new board members were carefully selected for their expertise in luxury retail, corporate finance, retail real estate, supply chain, mainstream retail, and ESG. The company also collaborated with Spencer Stuart, a global executive search firm, to ensure that the board appointments align with best practices recommended by the Harvard Business School for corporate governance.
This initiative follows the recent appointment of Taher as the company’s first non-family CEO and includes the addition of a lead independent director, bringing the total number of new board members to six. The newly appointed board members, according to Taher, will play a vital role in driving the company’s transformation and expansion into new markets.
In line with the company’s commitment to gender equality, the board structure also reflects a 50/50 gender balance. Taher emphasised that their focus is on consolidating their leadership position in the Middle East and expanding their omnichannel presence, with a vision for international expansion in the future.
MAGRABi’s ambitious plan also involves achieving gender balance across all levels of the organization by 2025 and launching new stores in the Middle East. The company is dedicated to promoting diversity and inclusivity in its workforce while ensuring equal representation and opportunities for both genders.
In a statement, Taher mentioned that the restructuring represents the company’s commitment to transparency and a departure from traditional family-led management. The new nine-member board, effective from January 1, 2023, includes six independent directors who are aligned with the company’s strategic goals.
The newly appointed board members include prominent industry leaders such as Huda Al-Lawati, founder and CEO of Aliph Capital, Hisham El-Khazindar, co-founder and managing director of Qalaa Holdings, and Pierre Fayard, CEO of the Middle East, India, and Africa region at Richemont. Other directors consist of Dee Sarai, CEO of Al-Tayer Insignia, Nisreen Shocair, group chief transformation officer at Beyond One and group CEO for Showcase Luxury Consultancy, and Hanife Ymer, senior vice president and head of environmental, social and governance at Sohar International.
The Chair of MAGRABi Retail Group, Amin Magrabi, expressed his enthusiasm for leading a high-caliber board with diverse backgrounds and international expertise, emphasizing the company’s commitment to achieving world-class governance standards for publicly listed companies.
MAGRABi Retail Group, which operates across five markets, has outlined an ambitious strategy for expansion and investment. The company aims to increase the number of Doctor M stores to 300 and has committed a $100 million investment to open 200 stores within the next three years.
