Modern Mills Company announced the Board of Directors' resolution (By Circulation) on April 25, 2024 approving the resignation of Mr. Abdulrahman Saud Alowais from the position of (Independent Audit Committee Member) due to personal reasons, effective from April 25, 2024. The Board has also (By Circulation) appointed Mr. Nafez Riad Almorhabi (Independent Board Member) as a member of the Audit Committee effective from April 26, 2024, until the end of the current Board term, which expires on August 15, 2027. Mr. Nafez Riad Almorhabi has got an experience of more than 25 years in FMCG and retail as well as Financial Consulting.

He spent 14 years at Savola Group where he held many executive positions in its Food, Retail, and Packaging sectors, and the last of which was the Chief Investment Officer of the Group. Later on, Nafez joined KPMG Professional Services, where he led its M&A practice as well as becoming the Chief Operating Officer for the firm in Saudi Arabia and the Levant countries.