MAGRABi Retail Group Revamps Board with Industry Professionals, Set to Achieve Significant Growth
Eyewear retailer MAGRABi has recently made significant changes to its board structure by appointing industry professionals with diverse backgrounds and global experience. According to a senior official from the company, this move aims to not only meet international standards but also reshape the corporate governance landscape in the region.
Yasser Taher, CEO of MAGRABi Retail Group, mentioned that the newly appointed board members were carefully chosen based on their deep sector expertise and caliber within their respective industries, in line with the group’s strategic objectives. These new members bring specialisms in areas such as luxury retail, corporate finance, retail real estate, supply chain, and environmental, social, and governance (ESG) practices.
In order to ensure the right appointments, the company partnered with Spencer Stuart, a reputable global executive search firm, and aligned the selections with Harvard Business School’s Fortune 500 best practice recommendations for corporate governance.
The restructuring of the board also follows the recent appointment of Taher as the first non-family CEO of MAGRABi Retail Group and includes a lead independent director, keeping in line with the standard practice for publicly listed companies worldwide.
This change involves the appointment of six new board members, reflecting the firm’s broader restructuring objectives, along with the introduction of equal voting rights irrespective of shareholding.
Taher explained that the restructured board aims to drive the company’s transformation and supports future growth plans, including new store openings and potential expansion into new markets.
Furthermore, MAGRABi Retail Group is committed to achieving an equal gender balance across all organizational levels by 2025. This commitment is also reflected in the structure of the newly appointed board.
The company’s primary focus is on solidifying its leadership position in the Middle East and expanding its omnichannel presence while also preparing for international expansion in the future.
The MAGRABi Retail Group emphasizes its commitment to additional transparency and a departure from the traditional family-led management, striving for a high level of independence within the newly restructured board.
The new nine-member board, effective as of January 1, 2023, includes six independent directors aligned with the company’s strategic goals.
Among the newly appointed directors are 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 Middle East, India, and Africa region at Richemont, among others.
Amin Magrabi, chair of MAGRABi Retail Group, expressed delight in leading a high-caliber board with diverse backgrounds and international expertise, stating that achieving world-class governance standards and role modeling best practices is a primary objective of his tenure as chair.
Looking ahead, the company has outlined a comprehensive strategy for significant expansion and investment, with plans to increase the number of Doctor M stores to 300 and a $100 million investment allocated for opening 200 stores within the next three years.
In conclusion, the restructured board and the strategic plans of MAGRABi Retail Group signal a firm commitment to achieving sustainable growth, while also setting new standards for corporate governance in the region and beyond.
