Aramco appoints former EY chairman Mark Weinberger to its board

Mr Weinberger also serves on the boards of Johnson & Johnson and insurer Metlife

Saudi Aramco, the world's largest oil-exporting company listed 1.5 per cent of its shares in a record initial public offering towards the end of last year. EPA-EFE/Shutterstock

Saudi Aramco said it appointed the former chairman and chief executive of EY Mark Weinberger as an independent member of its board.

Mr Weinberger, who also serves on the boards of pharma giant Johnson & Johnson as well as insurance firm Metlife, replaces outgoing member Andrew Gould, the company said in statement on Sunday.

“I am honoured to be joining the Board of Aramco at this important time in the company’s history and world events. I look forward to helping the board continue to make the most of the opportunities and challenges that lie ahead and deliver value for all of Aramco‘s shareholders," Mr Weinberger said.

Saudi Aramco, the world's largest oil exporting company, listed 1.5 per cent of its shares in a record initial public offering towards the end of last year, with a greenshoe option later taking this to 1.725 per cent. The company, which produces and sells oil on behalf of the Saudi state, reported a 21 per cent drop in full-year profit last month.

Mr Weinberger joins the company as it navigates an environment of low oil prices following the collapse of the Opec+ alliance and a demand decline due to the spread of the coronavirus pandemic.

He has held a number of senior roles within the US government, including as assistant secretary in the treasury department under President George W Bush and as a member of the social security advisory board under President Bill Clinton. He was also on presidential advisory councils to current president Donald Trump as well as his predecessor Barack Obama.

Mr Weinberger also serves as a board member to the United States Council for International Business and is a senior adviser to Stone Canyon Industries Holdings, JUST Capital and G100.