Riyadh - Mubasher: Modern Mills for Food Products Company, a major entity in the Saudi Arabian food production sector, has announced the resignation of Majed Mazen Nofal from his positions as an independent member of the Board of Directors and Chairman of the Nomination and Remuneration Committee.
The resignation, which was officially approved by the Board via a circular resolution on 20 June, became effective as of 19 June 2026.
In a regulatory disclosure submitted to the Saudi Exchange (Tadawul), Modern Mills Company detailed the timeline and circumstances surrounding the departure of Nofal.
The formal resignation request was submitted by the outgoing board member on 18 June, citing personal circumstances as the reason for his decision to vacate his post.
Following the submission, the Board of Directors convened on Saturday, 20 June, to process and approve the request through a passing resolution.
Nofal’s tenure with Modern Mills Company began on 16 August 2023. During his time with the organization, he served in a dual capacity that was central to the company’s internal governance and strategic oversight.
As an independent director, his role was to provide an objective perspective and ensure that the interests of all shareholders were represented in the boardroom.
Furthermore, as the Chairman of the Nomination and Remuneration Committee, he was responsible for overseeing the selection of executive leadership and the development of compensation policies designed to attract and retain talent while remaining compliant with the regulatory standards of the Kingdom.
The Board of Directors of Modern Mills Company expressed its collective gratitude and appreciation to Nofal for his professional contributions and the efforts he exerted throughout his membership period. The company noted that his involvement was instrumental during his tenure and extended its best wishes for his future success.
As a publicly traded company on the Tadawul, Modern Mills is required to maintain a specific board structure that adheres to the corporate governance regulations issued by the Capital Market Authority (CMA).
The departure of an independent director and a committee chairman is a significant administrative event that requires the company to eventually identify and appoint a qualified successor to ensure the continued effectiveness of the board's oversight functions.
Modern Mills Company operates within a critical segment of the Saudi economy, contributing to the nation's food security and industrial growth.
Consequently, the stability and composition of its leadership team are closely monitored by investors and market analysts. The company has not yet announced a replacement for the vacant board seat or the chairmanship of the Nomination and Remuneration Committee, but it is expected to follow the standard regulatory procedures for the nomination of a new member in the coming period.
The transition comes as Modern Mills continues to navigate the evolving landscape of the Saudi food industry. The company remains focused on its operational objectives and its commitment to high standards of corporate transparency.
Shareholders and market participants will look forward to future disclosures regarding the appointment of a new independent director to fill the vacancy left by Nofal’s departure.
