MAGRABi Overhauls Board Structure to Meet International Standards and Increase Diversity
Eyewear retailer MAGRABi has taken a big step in revamping its board structure by adding industry experts with diverse global backgrounds and experiences. The move is part of the company’s efforts to meet international standards and reshape the corporate governance landscape in the region.
According to Yasser Taher, CEO of MAGRABi Retail Group, the new board members were selected for their deep expertise in luxury retail, corporate finance, retail real estate, supply chain management, mainstream retail, and ESG. To ensure that the new members align with the company’s strategic goals, MAGRABi partnered with Spencer Stuart, a global executive search firm, and followed best practice recommendations for corporate governance from Harvard Business School.
The board formation follows Taher’s recent appointment as the company’s first non-family CEO and includes a lead independent director, aligning with the standard practice for publicly listed companies worldwide. The company is appointing six new board members to reflect the C-suite leadership composition and support broader restructuring goals. One significant aspect of the new board structure is equal voting rights for all members, regardless of shareholding.
Taher highlighted the new board’s role in driving the company’s growth plans, including new store openings, potential expansion into new markets, and the transformation of MAGRABi into a world-class leader in its category. Additionally, the company aspires to achieve an equal gender balance across all organizational levels and is committed to reaching a 50/50 gender balance by 2025. This commitment is reflected in the composition of the new board.
The focus on achieving gender balance is part of the company’s broader strategy to promote diversity and inclusivity in the workforce and ensure equal representation and opportunities for both genders throughout the company’s hierarchy. MAGRABi also emphasized its commitment to consolidating its leadership position in the Middle East and furthering its omnichannel presence with a view to international expansion in the future.
According to Taher, Saudi Arabia is a key market for MAGRABi, and the company plans to consolidate its presence there while also exploring international expansion. The restructuring represents a commitment to greater transparency and a departure from the company’s traditional family-led management.
The newly formed nine-member board, effective Jan. 1, 2023, emphasizes independence, with six seats held by independent directors aligned with the company’s strategic goals. The expansion and reshaping of the board highlight the company’s ambitions to leverage the expertise and talent of its members for future development.
The newly appointed members of the board include 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. The board is also joined by 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.
Amin Magrabi, chair of MAGRABi Retail Group, expressed his delight in leading a high-caliber board with diverse backgrounds and international expertise. The company, operating across five markets, has outlined a comprehensive strategy for significant expansion and investment, including plans to increase the number of Doctor M stores to 300 and a $100 million investment to open 200 stores within the next three years.
