Oct 12, 2020
Petrofac CEO to retire after 30 years
Mr Asfari, 62, whose family owns nearly 19 per cent of Petrofac, will retire at the end of the year to focus on "Family, health and charitable interests", but will remain with the company as a non-executive director. He joined Petrofac in 1991 when it was a US-based business and was charged with setting up an international division, which he later floated in London in 2005. Petrofac's reputation has been tarnished in recent years by the SFO investigation into suspected bribery, corruption and money laundering. Mr Asfari said it had been "a difficult decision for me to make" to step down but added: "As a major shareholder I remain deeply invested in Petrofac's future and I am confident of the group's continued progress and success in the coming years." Petrofac's chairman, René Médori, said Mr Asfari's contribution to Petrofac had been "Extraordinary".
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