MAGRABi Eyeing Global Retail Expansion with Newly Appointed Board Members
The MAGRABi Retail Group is in the midst of reworking its board structure with the introduction of industry professionals from diverse backgrounds and global experience. This move is aimed at meeting international standards and reshaping the region’s corporate governance landscape. Yasser Taher, CEO of MAGRABi Retail Group, shared that the newly appointed board members have been carefully chosen to align with the group’s strategic objectives. He also emphasized that the board formation follows best practice recommendations for corporate governance by renowned global executive search firm, Spencer Stuart, and Harvard Business School.
The recent appointment of Taher as the MAGRABi Retail Group’s first non-family CEO has been followed by the announcement of six new board members, reflecting the firm’s broader restructuring objectives. Notably, a lead independent director has also been appointed in line with the standard practice for publicly listed companies worldwide. Adding to this, the unique board structure will provide equal voting rights irrespective of shareholding, marking an important dynamic for the company.
Looking ahead, the board will play a pivotal role in driving the group’s transformation to position it as a world-class leader in its category and into the next phase of its journey. Additionally, the company aspires to become the Middle East’s first corporation to achieve an equal gender balance across all organizational levels, with a commitment to reaching a 50/50 gender balance by 2025.
The ultimate goal is to ensure equal representation and opportunities for both genders throughout the company’s hierarchy, promoting diversity and inclusivity in its workforce.
Taher acknowledged that Saudi Arabia is fundamental to the company’s growth strategy, being a key market for MAGRABi, and emphasized its focus on consolidating its leadership position in the Middle East while growing its omnichannel presence with the potential for international expansion in the future.
The restructuring represents the group’s commitment to additional transparency and a departure from the company’s traditional family-led management. MAGRABi’s new nine-member board, effective Jan. 1, 2023, emphasizes independence with six seats held by independent directors aligned with the company’s strategic goals. Leveraging the expertise and talent of the newly appointed board members will be crucial in achieving the company’s ambitions.
The newly appointed directors include industry professionals with diverse backgrounds and international expertise, reflecting the commitment to achieving world-class governance standards for publicly listed companies. Amin Magrabi, chair of MAGRABi Retail Group, expressed his delight in leading a high-caliber board with such diverse backgrounds and international expertise as the company prepares for the future.
Operating across five markets, the MAGRABi Retail Group has outlined a comprehensive strategy aimed at significant expansion and investment. The company aims to increase the number of Doctor M stores to 300, with a $100 million investment allocated for the group to open 200 stores within the next three years. This significant financial commitment underlines the company’s determination to enhance its global retail presence.
