The first woman member of the board of Saudi Aramco has been appointed as the company prepares to issue its highly anticipated initial public offering (IPO)
Lynn Laverty Elsenhans is the former president, chair, and CEO of Sunoco, a fuel distributor. She is set to join the board of the largest oil company in the world at a crucial period in history.
Elsenhans also served as the former executive vice president of Royal Dutch Shell’s global manufacturing and is a member of the board of GlaxoSmithKline.
She is the only woman to sit as a member of the board, which has also appointed two figures of he government along with Peter Cella, the former president and CEO of Chevron Philips Chemical, and the former CEO of the Dow Chemical Company and executive chairman of DowDuPont, Andrew Liveris.
The appointment of Elsenhans is indicative of the continuing drive of Saudi Arabia to rebuild its conservative image. Last March, Mohammed bin Salman. The Crown Prince of Saudi, came to visit the United Kingdom on a charm offensive showing that the kingdom was open for business.
However, the plans for the IPO have been far from being smooth. There are some rumours that the plans could be delayed until next year, when the world was assured that it would take place during the second half of 2018. The said setbacks are massively owing to the fact that the officials of Saudi cannot come up with a decision on whether to opt for New York or London.
If it does go ahead, the IPO is anticipated to be one of the largest share offerings to ever be recorde in history, if the target valuation of Aramco amounting to $2 trillion (£1.5 trillion) is achieved.