Muscat – Sohar International – the fastest growing bank within Oman – has announced the departure of its esteemed chairman of the board of directors, Mohamed Mahfoudh al Ardhi.
As per a disclosure submitted to the Muscat Stock Exchange, Ardhi tendered his resignation from the board, effective from January 1, 2024, a decision accepted during the board meeting held on Thursday.
The disclosure also announced the appointment of Said Mohamed al Aufi, the current deputy chairman, as the new chairman of Sohar International, and Tareq Mohamed al Mugheiry as the deputy chairman effective from January 1, 2024.
In a press release, Sohar International said that Ardhi has played an indelible role during his tenure as chairman, orchestrating the bank’s ascent to new heights. His dedication, vision, and strategic leadership have been foundational in shaping the bank’s success, marking an era of significant growth and accomplishment.
Under Ardhi’s guidance, Sohar International achieved notable milestones aligned with a robust strategic framework. These milestones encompass the complete rejuvenation of the brand, substantial organic and inorganic growth propelling the bank to become the country’s fastest-growing and second-largest financial institution, and the extension of operations across borders amongst others.
Acknowledging his departure, Ardhi expressed, “It has been an honour to lead Sohar International through an extraordinary period of growth and success. I am immensely proud of what we have achieved together, and I am confident that the bank will continue to thrive under its capable leadership. I take this opportunity to thank Sohar International, its people, and the people of Oman for making this stint a monumental one.”
Honoring the outgoing chairman’s legacy, Sohar International’s chief executive officer, Ahmed al Musalmi, said, “We extend our heartfelt gratitude to Ardhi for his invaluable leadership that has left an indelible mark on Sohar International, serving as the guiding force behind our journey towards remarkable achievements. His unwavering commitment, visionary guidance, and strategic foresight have been the cornerstone of our success. His acumen has not only shaped the bank’s growth but has also inspired all those associated with Sohar International.”
Announcing the appointment of Sohar International’s new chairman, Musalmi further said, “As we warmly welcome Said al Aufi as the new chairman, his exceptional track record and forward-thinking vision fortify our commitment to excellence and innovation to our stakeholders. I am confident that under Aufi’s guidance, Sohar International will continue to thrive, staying true to its mission and pursuing its strategic objectives with unwavering dedication.”