Restructuring of MAGRABi’s Board as Part of Comprehensive Growth Strategy
Eyewear seller MAGRABi is in the process of revamping its board structure through the addition of seasoned professionals from various sectors and global backgrounds.
The company is striving to adhere to international standards and transform the corporate governance landscape of the region, according to a high-ranking official.
MAGRABi Retail Group CEO, Yasser Taher, stated that the newly appointed board members, chosen for their extensive expertise and reputation in their respective industries, have been carefully selected to advance the objectives outlined by the retail group.
He also mentioned that the group has collaborated with Spencer Stuart, a renowned global executive search firm, to ensure that the newly appointed board members align with the overall group strategy and with Harvard Business School’s Fortune 500 guidelines for corporate governance.
This recent board formation is a result of Taher’s appointment as the first non-family CEO of the MAGRABi Retail Group and includes a lead independent director, in line with the standard practice for publicly listed companies worldwide.
The newly appointed six board members mirror the C-suite executive composition and support the broader restructuring goals of the company.
Additionally, this unique board structure includes equal voting rights irrespective of shareholding, as emphasized by Taher.
He also pointed out that the new board will play a crucial role in driving the company’s growth plans, leveraging their individual expertise and experience.
The company’s future plans include the opening of new stores and the potential expansion into new markets in the upcoming years. The newly appointed board is expected to lead the group’s transformation and position it as a world-class leader in its category.
Furthermore, MAGRABi Retail Group aims to become the first corporation in the Middle East to achieve an equal gender balance across all organizational levels by 2025.
It is evident in the board’s composition that the company is striving to achieve this gender balance, in line with their commitment to diversity and inclusivity.
MAGRABi Retail Group is focused on consolidating its leadership position in the Middle East, growing its omnichannel presence, and considering international expansion in the future.
Strategically, Saudi Arabia plays a pivotal role in the company’s growth plans, considering it a key market and the location of the company’s recent lifestyle store launches.
The restructuring represents the company’s commitment to increased transparency and a departure from the traditional family-led management.
MAGRABi’s new nine-member board emphasizes independence, with six seats held by independent directors aligned with the company’s strategic goals.
The newly appointed directors include industry leaders with diverse backgrounds and international expertise, reflecting the company’s commitment to achieving world-class governance standards.
The company, operating in five markets, has outlined a comprehensive strategy aimed at significant expansion and investment, with a clear trajectory to increase the number of Doctor M stores to 300.
This expansion plan is supported by a $100 million investment earmarked for the group to open 200 new stores within the next three years.
