| Element List | Explanation |
|---|---|
| Introduction | Acwa Power Company (“Acwa”) announces that the Board of Directors has approved, as part of its structured succession planning process and in consideration of the expiration of Mr. Marco Arcelli’s contract in April 2027, a structured leadership change, including the appointment of Dr. Samir J. Serhan as Chief Executive Officer effective March 1, 2026. Mr. Marco Arcelli will remain with the Company as Advisor to the Chairman to ensure a smooth and orderly transition. The Board of Directors extends its sincere appreciation to Mr. Marco Arcelli for his leadership and contributions during his tenure as Chief Executive Officer of Acwa and wishes Dr. Samir J. Serhan success in his new role. |
| Element List | Explanation |
|---|---|
| Name of the Resigned Person | Mr. Marco Arcelli |
| Resignation Acceptance Date | 2026-02-28 Corresponding to 1447-09-11 |
| Resignation Effective Date | 2026-03-01 Corresponding to 1447-09-12 |
| Reasons for Resignation | Succession planning |
| Element List | Explanation |
|---|---|
| Appointment Type | Appointment |
| Name of the Appointed Person | Dr. Samir J. Serhan |
| Date of Board Resolution | 2026-02-28 Corresponding to 1447-09-11 |
| Date Work Commencement | 2026-03-01 Corresponding to 1447-09-12 |
| Brief Resume | Dr. Samir J. Serhan is responsible for the company’s global strategy and operations spanning 15 markets currently. Previously Dr. Samir was Acwa’s President of Saudi Arabia and Middle East, where he was responsible for seven key markets (including Saudi Arabia, UAE, Kuwait, Bahrain, Oman, Jordan, and Iraq). Previously Dr. Serhan was Chief Operating Officer of the US-based company Air Products where he had global responsibility for the company’s operational business and project execution with P&L accountability for the Americas, Asia, Europe, Africa, the Middle East, and India. He also led functions including technology, global engineering, manufacturing, and equipment at Air Products. Earlier in his career he was President, Hydrogen for Praxair. For 14 years, he worked for the Linde Group in leadership positions in the US and Germany, culminating in his role as managing director of Linde Engineering. He brings more than three decades of global leadership experience across large-scale industrial and infrastructure organizations, with a strong track record in driving operational transformation, strengthening institutional capability, and delivering disciplined and profitable growth in complex, capital-intensive environments. Additionally, he served as an adjunct professor at Temple University and The Pennsylvania State University. Dr. Samir holds a Ph.D. in engineering mechanics from Virginia Polytechnic Institute and State University (Virginia Tech). Active in research, he has presented and published more than 40 papers at conferences and in scientific journals around the world. |
