Saudi Arabia's Aramco appoints first woman to the board

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Saudi Arabia's Aramco, the world’s top oil company, said on Sunday it had appointed a woman to his board for the first time, a milestone for the country and the oil industry where there are few women executives.

Lynn Laverty Elsenhans, the former chairwoman, president and CEO of US oil refiner Sunoco Inc. from 2008 to 2012, was named among five new members of the board of directors.

The appointments come as the Saudi government plans to float around 5 percent of Aramco in an initial public offering (IPO) later this year or early 2019.

Elsenhans was named by Forbes as one of the world’s most powerful women in 2008. Prior to her role at Sunoco, she was the executive vice president of global manufacturing for Royal Dutch Shell, where she worked for more than 28 years.

She also served on Baker Hughes’s board of directors from 2012 to July 2017 and sits on the board of GlaxoSmithKline.

Saudi Arabian Minister of Finance Mohammed al-Jadaan and Minister of Economy and Planning Mohammed al-Tuwaijri were also appointed as members of the board of directors, Aramco said in a statement.

The new members will join six returning members including Saudi Energy Minister Khalid al-Falih, who is also Aramco’s chairman, and Amin Nasser, Aramco’s chief executive.

Appointments to the 11-member board of directors are made by the Saudi cabinet.

The outgoing board members are Majid Al-Moneef, advisor to the Saudi Royal Court; Khaled al-Sultan, Rector of King Fahd University of Petroleum and Minerals; and Peter Woicke, former managing director of the World Bank and former vice president of the International Finance Corporation.

Source(s): Reuters