PETROFAC’S president, executive director and co-founder Maroun Semaan has decided to retire after 22 years with the oil and gas service provider.
Semaan joined the group in 1991 and joined the board in 2002. He played a key role in the group’s listing as a public company back in 2005 and held a number of c-level executive positions since then.
Semaan steps down at the end of the year and it is understood that the president role – which was essentially created for him – will not be filled with another candidate.
“I will leave the business confident in its future prospects to deliver strong, sustainable growth over the long-term, and on my part intend to remain a long term shareholder,” said Semaan.
“Since we co-founded Petrofac in 1991 the business has enjoyed tremendous growth,” said group chief executive Ayman Asfari. “Much of that growth is directly attributable to Maroun.”