Global's board of directors approves new organization structure

Mrs. Maha Al-Ghunaim, Chairperson and Managing Director at Global stated that the new structure supports the plan Global had presented to the banks as part of the company's restructuring process.

This change is set to enhance the company's corporate governance while focusing more on offering products and services to clients in addition to improving the overall decision making process.

Al Ghunaim also declared that she, along with the other two founding members of Global, Mr. Bader AL-Sumait and Mr. Omar El-Quqa, together with all group heads and branches CEOs, will play a major role in the new structure that will yield better results for all stakeholders. Global will also strengthen its middle management by making new appointments in various fields such as investment banking and brokerage.

Then restructuring consists of the following changes:
First: Mr. Bader Al-Sumait has been appointed Chief Executive Officer of Global Kuwait, to whom all the business groups will be reporting to. Global Kuwait is the main headquarters and is the centre of excellence.

Second: Mr. Omar El-Quqa has been appointed Advisor to the company's Managing Director to capitalize on his vast experience. He will also be a member of numerous strategic committees.

Third: The CEOs of all Global branch offices, in addition to Legal Affairs, Group Risk Management and Compliance departments will all report directly to the Managing Director, Mrs. Maha Al Ghunaim who stated that the new structure will lead to a better decision making process that will benefit all Global's stakeholders.

It is of note that the new organizational structure is one of the many steps Global has recently taken such as reducing its operational costs and improving its business model.

Global had recently announced in a joint press release with the banks' Steering Committee that significant progress has been made towards the restructuring of the company's indebtedness.