FORAFRIC GLOBAL Announces Leadership Transition: New Chairman of the Board Appointed
Rhea-AI Summary
Forafric Global (Nasdaq: AFRI), a leading vertically integrated agribusiness serving Africa, announced a leadership transition with the appointment of CEO Khalid Assari as Chairman of the Board, effective April 4th, 2025. Assari, who replaces Saad Bendidi, brings experience from senior positions at Caisse de Dépôts (CDG Group) and holds an MBA in finance from Old Dominion University.
Positive
- CEO taking on additional role as Chairman indicates strong leadership continuity
- New Chairman brings relevant agricultural business experience
Negative
- Concentration of power with CEO assuming Chairman role may raise corporate governance concerns
News Market Reaction 1 Alert
On the day this news was published, AFRI declined 1.17%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
CASABLANCA, MOROCCO, April 04, 2025 (GLOBE NEWSWIRE) -- Forafric Global (Nasdaq: AFRI, or the « Company »), a leading vertically integrated agribusiness serving Africa, today announced that Khalid Assari, the CEO of the Company, has been appointed as Chairman of the Board, effective April 4th, 2025. Mr. Assari replaces Mr Saad Bendidi.
Mr. Assari has had a long and successful career in agricultural business, holding several senior positions within Caisse de Dépôts (CDG Group). Mr. Assari holds an MBA in finance from Old Dominion University in Norfolk, Virginia, United States.
“I am honored to take on the role of Chairman and look forward to working closely with the Board and leadership team to advance Forafric Global’s mission and strategic goals,” said Mr. Assari.
About Forafric
Forafric is a leading agribusiness player in Africa with activities in Morocco and Sub-Saharan Africa. It is a milling industry leader with a complete range of flour and semolina, and secondary processing products such as pasta and couscous. The Group operates 12 industrial units, and 2 logistics platforms. Forafric exports its products to more than 45 countries around the world. Forafric intends to continue expanding in Morocco.
Forward-Looking Statements
This press release contains “forward-looking statements.” Such statements may be preceded by the words “intends,” “may,” “will,” “plans,” “expects,” “anticipates,” “projects,” “predicts,” “estimates,” “aims,” “believes,” “hopes,” “potential,” or similar words. Forward-looking statements are not guarantees of future performance, are based on certain assumptions, and are subject to various known and unknown risks and uncertainties, many of which are beyond the Company’s control, and cannot be predicted or quantified, and, consequently, actual results may differ materially from those expressed or implied by such forward-looking statements. None of the outcomes expressed herein are guaranteed. Such risks and uncertainties include, without limitation, risks and uncertainties associated with (i) our ability to obtain quality raw materials; (ii) difficulties in obtaining financing on commercially reasonable terms; (iii) changes in the size and nature of our competition; (iv) loss of one or more key executives or scientists; and (v) difficulties in securing regulatory approval for our materials and products. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company’s filings with the Securities and Exchange Commission (SEC), including the Company’s Annual Report on Form 20-F. Investors are urged to read these documents free of charge on the SEC’s website at http://www.sec.gov. The Company assumes no obligation to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise.
Contact Information:
info@forafric.com
FAQ
Who is the new Chairman of Forafric Global (AFRI)?
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