Petrofac co-founder Maroun Semaan retires after 22 years

Nafis Hasan16 Sep, 2020Business

PETROFAC�S president, executive director and co-founder Maroun Semaan has decided to retire after 22 years with the oil and gas service provider.Semaan joined the group in 1991 and joined the board in 2002. He played a key role in the group�s listing as a public company back in 2005 and held a number of c-level executive positions since then.Semaan steps down at the end of the year and it is understood that the president role � which was essentially created for him � will not be filled with another candidate.�I will leave the business confident in its future prospects to deliver strong, sustainable growth over the long-term, and on my part intend to remain a long term shareholder,� said Semaan.�Since we co-founded Petrofac in 1991 the business has enjoyed tremendous growth,� said group chief executive Ayman Asfari. �Much of that growth is directly attributable to Maroun.�