Burgan Bank’s Board of Directors accepts not to renew for GCEO and accepts the resignation of the CEO- Kuwait

Burgan Bank announced today that the Board of Directors, in its meeting held on December 27, 2022, approved the request from Mr. Masoud M. J. Hayat, to no longer renew his contract and depart his current position as Group Chief Executive Officer. Mr. Hayat will continue in his role for the remainder of the contract period, until April 10, 2023. In the same meeting, the Board of Directors also accepted the resignation of Mr. Raed Abdullah Al Haqhaq, from his current position as Deputy Group Chief Executive Officer and Chief Executive Officer – Kuwait. Mr. Al Haqhaq will continue in his role until February 28, 2023.

The Bank noted that the Board’s acceptance of both requests came in line with Mr. Hayat’s and Mr. Al Haqhaq’s wishes.

In a comment on the departures, Chairman of Burgan Bank, Sheikh Abdullah Nasser Sabah Al-Ahmad Al-Sabah, said in a press statement: “Mr. Hayat’s departure comes after a long, notable career spanning many decades in the financial sector. During this time, he has held numerous leadership positions at both the executive management level and as a member of the Board of Directors at various companies and banks within the KIPCO Group, including Burgan Bank. Mr. Al Haqhaq’s resignation also comes after a successful career in the banking sector, working his way up the ranks at Burgan Bank to reach the position of Deputy Group Chief Executive Officer and Chief Executive Officer – Kuwait. On behalf of myself and the entire Board of Directors, I can only express to both Mr. Hayat and Mr. Al-Haqhaq my sincerest gratitude and appreciation, and we wish them all the best in their journeys and careers. We also remain confident in the Bank’s Executive Management team to maintain our growth momentum and continue our journey of success.”

In the Bank’s statement, Mr. Hayat and Mr. Al-Haqhaq both expressed their gratitude to the Bank’s Chairman and its Board of Directors for their trust and understanding. They also thanked Burgan’s Executive Management team and all employees across the organization for their support throughout their leadership tenure, wishing the Bank continued success and prosperity.