Saudi Company for Hardware (SACO) Announces the Non-Renewal of the Company's CEO Employment Contract and the Appointment of a Managing Director

Element List	Explanation
Introduction	Saudi Company for Hardware (SACO) announces that the Board of Directors, at its meeting held on 20/07/2026, approved the non-renewal of the employment contract of the Company's CEO, Mr. Abdel-Salam Bdeir, effective upon the expiry of his current contract on 31/10/2026. The Board of Directors also resolved to appoint Board Member Eng. Sakhr bin Asaad Jamjoom as Managing Director of the Company, effective from 21/07/2026 until the end of the current Board term on 19 July 2029. The Board of Directors extends its sincere appreciation and gratitude to Abdel-Salam Bdeir for his efforts and contributions during his tenure with the Company and wishes him continued success in his future endeavors. The Board also wishes Eng. Sakhr bin Asaad Jamjoom every success in his new role.

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Explanation

Introduction

Saudi Company for Hardware (SACO) announces that the Board of Directors, at its meeting held on 20/07/2026, approved the non-renewal of the employment contract of the Company's CEO, Mr. Abdel-Salam Bdeir, effective upon the expiry of his current contract on 31/10/2026.

The Board of Directors also resolved to appoint Board Member Eng. Sakhr bin Asaad Jamjoom as Managing Director of the Company, effective from 21/07/2026 until the end of the current Board term on 19 July 2029.

The Board of Directors extends its sincere appreciation and gratitude to Abdel-Salam Bdeir for his efforts and contributions during his tenure with the Company and wishes him continued success in his future endeavors. The Board also wishes Eng. Sakhr bin Asaad Jamjoom every success in his new role.

Element List	Explanation
Name of the Resigned Person	Abdel-Salam Bdeir
Resignation Acceptance Date	2026-07-20 Corresponding to 1448-02-06
Resignation Effective Date	2026-10-31 Corresponding to 1448-05-20
Reasons for Resignation	Non-renewal of the employment contract

Element List	Explanation
Appointment Type	Appointment
Name of the Appointed Person	Eng. Sakhr bin Asaad Jamjoom
Date of Board Resolution	2026-07-20 Corresponding to 1448-02-06
Date Work Commencement	2026-07-21 Corresponding to 1448-02-07
Brief Resume	It is worth noting that Eng. Sakhr Jamjoom holds a Master's degree in Engineering Management and a Bachelor's degree in Industrial Engineering from Northeastern University, in addition to a Corporate Governance Certificate from The Wharton School. He has over 32 years of professional experience across multinational companies and diverse sectors, including consumer goods, oils, manufacturing, and logistics. Throughout his career, he has held senior executive leadership positions and served on the boards of directors of leading companies. He also served as Managing Director of Halwani Bros. Company from 2024 to 2025