Saudi Aramco, the world's top oil company which is preparing to go public, said on Sunday it has appointed new members to its board including a female executive, a milestone for Saudi Arabia and the oil industry where there are few women executives.
The appointments, which bring in more international experience, come as the Saudi government plans to float around 5 percent of Aramco in an initial public offering (IPO) - the world's largest - later this year or early 2019.
Saudi Arabian Minister of Finance Mohammed al-Jadaan and Minister of Economy and Planning Mohammed al-Tuwaijri were appointed as members of the board of directors, Aramco said in a statement.
They are joined by Lynn Laverty Elsenhans, the former chairwoman, president and CEO of US oil refiner Sunoco Inc. from 2008 to 2012.
Other new members also include Peter Cella, former president & CEO of Chevron Philips Chemical Co LP, and Andrew Liveris, director of DowDuPont Inc, and the CEO of the Dow Chemical Company. Liveris's appointment is effective as of July 1, Aramco said.
The five new members of Aramco's board will join six returning members including Saudi Energy Minister Khalid al-Falih, who is also Aramco's chairman, and Amin Nasser, Aramco's CEO.