Mar 16, 2016
Ma’aden announced changes in its executive structure designed to streamline business functions, revitalize the organization and better prepare the company to meet its changing needs and challenges. Key personnel changes include Khalid Al-Rowais as VP of Phosphate SBU, Khalil Al Watban as VP of Strategy & Development, and Darren Davis as the CFO.
Engineer Khalid Al-Mudaifer Ma’aden CEO highlighted Ma’aden’s focus during 2015 on operational excellence by upgrading processes and capabilities to enhance its productivity and cost position. These initiatives led the company to an overall reduction in production costs and improvement in competitiveness in the face of low global prices of commodities, this while delivering record production levels in aluminium, phosphate and gold.
He added that the Company also introduced a consolidated service concept across its corporate and business unit functions of Human Resources, IT, Procurement, Administration and other areas. The sharing of these core services will lead to improved efficiency and performance, cost reduction and a leaner organization.
Beyond operational excellence, Ma’aden has also focused on capital discipline to ensure the efficient management of debt and improved cash generation and utilization across the Group. During 2015, Ma’aden’s procurement department revisited all current contracts with suppliers and contractors to rationalise costs and improve payment terms.
“Our aim is to protect and enhance shareholder value as we deliver an efficient, profitable and world-class minerals enterprise that can thrive through all parts of the cycle,” said Al-Mudaifer, “We will continue to focus on cost management and on maximizing cash generation through productivity improvements, optimizing working capital and a disciplined approach to capital expenditures.”