Petrofac CEO Ayman Asfari to retire at end of the year

Oilfield services provider Petrofac said on Monday that chief executive Ayman Asfari has decided to retire at the end of the year and will be succeeded by former BG and Shell executive Sami Iskander.

Iskander will join as deputy chief executive on 1 November and following a short transition period will assume the role of group CEO from 1 January 2021, at which time he will also be appointed as an executive director.

Asfari, who is leaving "to focus on his family, health and charitable interests", will be appointed on 1 January 2021 as a non-executive director "to provide stability and continuity".

Chairman René Médori commented: "After nearly 40 years in the industry and 30 years with Petrofac, Ayman has decided the time has come to step back from his executive duties to focus on his family, health and charitable interests. The board has been planning for his retirement for some time and I am delighted that we have been able to attract a candidate of Sami Iskander's calibre, who was identified following a comprehensive external and internal search process.

"He has an excellent industry pedigree both in international oilfield services and upstream E&P, a deep and local understanding of our markets and client landscape, and a proven track record in business transformation."