L'azurde Company for Jewelry announced that the Board of Directors has approved, on March 18, 2020, the recommendation of the Nominations and Remuneration Committee (NRC) to appoint Mr. Bander Talaat Hamooh, as an independent Board Member, effective from March 18, 2020 till the end of current board term on 25 April 2021 on a temporary basis until his appointment is approved during the coming General Assembly meeting. The appointment was made based on the NRC recommendation to strengthen the Company’s Board of director’s experience and independence by increasing the number of independent directors from currently 3 Independent Directors to 4 Independent Directors. Pursuant to the company’s bylaws regarding the maximum number of directors, which should not exceed 9 members, the Board has approved the decision of Mr. Selim Chidiac (an executive director and CEO of the Company) to resign from the Board to vacate a seat for the appointment of Mr. Bander Talaat Hammoh. Mr. Selim Chidiac will continue in his current position as CEO for L'azurde Company for jewelry and its subsidiaries.