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Petrofac's CEO steps down


Petrofac has announced that Sami Iskander, group chief executive, will step down at the end of March 2023, and will be replaced by Tareq Kawash 

Kawash joins the company from McDermott, where he was most recently senior vice president of its onshore and offshore business lines, and a member of McDermott’s executive committee.

Iskander took over as chief executive in 2020 and steered Petrofac through challenging times, encompassing an investigation by the UK’s Serious Fraud Office (SFO) into the company's dealings in the Middle East, as a result of which Petrofac was made to pay £77mn (US$92mn) in penalties, as well as the disruption caused by the Covid-19 pandemic and more recently the Russia-Ukraine war.

Chairman René Médori commented, “Sami’s contribution to the company over the last two years has been invaluable. Having overseen the resolution of the SFO’s historic investigation and led a comprehensive refinancing programme, Sami has reshaped the business and put it firmly on a path to growth. 

“We are delighted that Kawash has agreed to join the board as our new group chief executive. With 30 years’ international EPC leadership experience, and an impressive business development track record, Tareq is exceptionally well placed to build on the foundations laid by Sami.”