Petrofac CEO Asfari to Retire

Energy services giant Petrofac said Monday its CEO Ayman Asfari would retire as Group Chief Executive at the end of the year. Petrofac said Asfari would focus on his family, health, and charitable interests.

Sami Iskander, former EVP Upstream Joint Ventures at Shell, will join as Deputy Chief Executive on November 1, 2020 and, following a short transition period, will assume the role of Group Chief Executive from January 1, 2021, at which time he will also be appointed as an Executive Director to Petrofac's Board of Directors.

Ayman Asfari joined Petrofac in 1991 and became Group Chief Executive in 2002.  He will, on January 1, 2021, be appointed as a Non-executive Director to Petrofac's Board of Directors, to provide stability and continuity, Petrofac said.

Asfari said: "I have been planning my retirement for a number of years after a long career at Petrofac and in the industry. There is never a perfect moment to step down, and it has been a difficult decision for me to make. However, I have decided now is the time to hand over the day-to-day running of the Company to fresh leadership.

"My decision has been made easier in the knowledge that we have a highly capable team, to whom I owe enormous gratitude, and a successor of excellent caliber, who shares Petrofac's vision to be the preferred services partner to the energy industry and has the right skills to lead Petrofac through the next phase of its evolution. As a major shareholder, I remain deeply invested in Petrofac's future and I am confident of the Group's continued progress and success in the coming years."

Chairman René Médori commented: "Ayman's contribution to Petrofac, as both its co-founder and Group Chief Executive, has been extraordinary. Under his indefatigable stewardship, Petrofac has grown into a leading international service provider to the energy industry, with an excellent track record of delivery for clients. We owe him an immense debt of gratitude for his unstinting commitment.

Sami Iskander, Deputy Chief Executive Designate, said: "I am delighted to be joining Petrofac at a pivotal and exciting time for the business. Petrofac is a truly outstanding company, with a best-in-class execution track record, a strong and differentiated competitive position in attractive core markets, and a growing new energies business. I have the utmost respect for what Ayman and Petrofac's team have built. I look forward to working with them over the coming years to lead this fantastic company to deliver growth and create value for all of its stakeholders."

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