McDermott SVP Takes on Petrofac Chief Exec Role

Petrofac Limited announced Tuesday that its group chief executive, Sami Iskander, will leave the business at the end of March 2023 “in order to pursue other interests”.

Tareq Kawash will be appointed Group Chief Executive from April 1, 2023, following an orderly handover, Petrofac revealed, adding that Kawash will also be appointed as an Executive Director to Petrofac’s Board of Directors at that time. Petrofac noted that Kawash’s appointment will be subject to the confirmation of shareholders at the next annual general meeting, which is scheduled to be held in May 2023.

Kawash is currently the senior vice president of McDermott’s onshore and offshore business lines and a member of McDermott’s executive committee. He has 30 years of international EPC leadership experience, and “an impressive business development track record”, Petrofac Chairman René Médori highlighted in a Petrofac statement.

Iskander joined Petrofac as a deputy chief executive on November 1, 2020, and, following a short transition period, assumed the role of group chief executive from January 1, 2021. Iskander replaced Ayman Asfari, who served as Petrofac’s group chief executive since 2002. With more than 30 years of international experience in both oilfield services and upstream companies, Iskander previously worked as the Executive Vice President for Royal Dutch Shell’s upstream joint ventures from February 2016 until May 2019.

“Sami’s contribution to the company over the last two years has been invaluable,” Médori said in a Petrofac statement.

“Having overseen the resolution of the SFO’s historic investigation and led a comprehensive refinancing program, Sami has reshaped the business and put it firmly on a path to growth. On behalf of the board and the company as a whole, I extend my heartfelt thanks to Sami for his unwavering energy, decisive leadership, and passionate ownership of Petrofac’s strategy,” Médori added.

“We are delighted that Tareq Kawash has agreed to join the board as our new group chief executive … Tareq is exceptionally well placed to build on the foundations laid by Sami. We look forward to welcoming him to Petrofac,” the chairman continued.

Commenting on his new appointment, Kawash said, “I have known Petrofac throughout my career and have always admired its unique execution capability”.

“I look forward to leading the team in the next stage of its journey back to growth and leadership in the sector, building on the excellent progress Sami has made,” he added.

Iskander said, “I joined Petrofac with the task of setting the business on the right course for sustainable growth, resolving historic issues and positioning the group for the future”.

“After an intense period, Petrofac is today in a stronger position. I am grateful to the people of Petrofac for their support, without which none of these achievements would have been possible. My heartfelt thanks go to all of them. I will sincerely miss them,” he added.

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