BlackRock has appointed the president and chief executive officer of the Saudi Arabian Oil Company (Aramco), Amin Hassan Ali Nasser, as an independent director to its board of directors, while also announcing that existing board member Bader M. Alsaad will not stand for reelection in 2024.
The world's biggest asset manager by AUM said the appointment of Nasser was to ensure that "the continuity of regional expertise on BlackRock's board reflects the importance of the Middle East to the firm's long-term strategy".
Nasser oversaw the public listing of Aramco in 2019, which was the largest IPO in history. He has served at Aramco in his current position since 2015, having first joined the company in 1982 as a petroleum engineer.
He is a member of the International Advisory Board of the King Fahd University of Petroleum and Minerals; the Board of Trustees of the King Abdullah University of Science & Technology; the World Economic Forum's International Business Council (IBC); the Massachusetts Institute of Technology Presidential CEO Advisory Board; and the JP Morgan International Council.
Laurence D. Fink, chairman and CEO of BlackRock, said: "Amin's distinguished career at Aramco, spanning more than four decades, gives him a unique perspective on many of the key issues facing our firm and our clients. His leadership experience, understanding of the global energy industry and the drivers of the shift towards a low carbon economy, as well as his knowledge of the Middle East region, will all contribute meaningfully to the BlackRock board dialogue. We are delighted that BlackRock's board, employees, and shareholders will have the benefit of his vision and counsel."
Alsaad is the director general and chairman of the board of the Arab Fund for Economic & Social Development. He has been on the board of BlackRock since 2019.
BlackRock has 17 board members, of which 15 are independent and five are women. One third of directors have been newly elected over the past five years.
