SAUDI AIRLINES CATERING CO. ANNOUNCES THE END OF CONTRACT OF THE CEO

AND APPOINTMENT OF THE NEW CEO

09/07/2015 11:32 AST

The Board of Directors of Saudi Airlines Catering Co., hereby announce that after 3 years of very successful execution of his contract Mr. Gerhard Marschitz will step down as Chief Executive Officer of Saudi Airlines Catering Co., on August 31st,2015. During the leadership of Mr. Gerhard Marschitz the company has successfully redefined its growth strategy and substantially improved its financial results, shareholder value and performance throughout all service sectors.

The Company Board approved in their meeting held on 08th July 2015, that Mr. Gerhard Marschitz will be replaced by Mr. Wajdy Mohammed Al Ghabban effective from the 1st September 2015,currently Mr. Wajdy Mohammed Al Ghabban, holds the position of Deputy CEO of SACC, and holding MBA in Business Administration, with over 26 years of experience in Airlines Catering Industry. Mr. Wajdy Mohammed Al Ghabban has undergone substantial preparation for his new leadership role, and represents a natural and seamless transition of leadership of the company under the continued guidance of our strategic partner, Newrest.

The Board would like to take this opportunity to thank Mr. Gerhard Marschitz for his vision and great leadership and welcomes Mr. Wajdy Mohammed Al Ghabban and wishes him all success in his new role as Chief Executive Officer.

Tadawul