Riyadh — Mubasher: Malath Cooperative Insurance Company announced the resignation of two independent members from its board of directors, effective 15 August 2026.
The outgoing members, Yasser Rashid Al Rasheed and Muhannad Abdulaziz Al Qasim, also stepped down from their respective positions within the board's sub-committees.
The company disclosed that both members submitted their resignations on 15 August 2026. Both Al Rasheed and Al Qasim had served on the board since 17 June 2025.
According to the regulatory filing, the departures were prompted by differences in vision and divergent views regarding several board decisions and the strategic direction of the company.
The resignations come after a tenure of approximately 14 months for both individuals. Malath Cooperative Insurance did not immediately name successors for the vacant independent seats or the sub-committee roles
The company's operations and board functions are expected to continue in accordance with corporate governance regulations while the process for appointing new members is finalized.
In the first half (H1) of 2026, the company generated net profits amounting to SAR 7.47 million, down 54.88% from SAR 16.56 million in the prior-year period.
