Exhibit 99.1
BLACKROCK ELECTS AMIN H. NASSER TO BOARD OF DIRECTORS
New York, July 17, 2023 – BlackRock, Inc. (NYSE: BLK) announced today that it is naming the Chief Executive Officer of the Saudi Arabian Oil Company (“Aramco”), one of the world’s largest integrated energy companies, to BlackRock’s Board of Directors (“Board”), while also preparing for the departure of a Board member.
Amin Hassan Ali Nasser, President and Chief Executive Officer of Aramco, joins the Board today as an independent director. Bader M. Alsaad, Director General and Chairman of the Board of the Arab Fund for Economic & Social Development, will serve the remainder of his term this year and will not stand for reelection to the Board in 2024. 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 successful public listing of Aramco, which was the largest IPO in history. He brings to the BlackRock Board his perspective as the chief executive of a company at the center of some of the most important business trends globally. He has also established Aramco as a leader in the global energy transition, investing in cutting-edge technologies to address the challenge of balancing energy security and sustainability. In 2021, under Nasser’s leadership, Aramco announced its ambition to achieve net-zero Scope 1 and Scope 2 greenhouse gas emissions across its wholly owned and operated assets by 2050.
Commenting on Nasser’s election, 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.”
BlackRock takes a strategic approach to board composition, balancing deep institutional and industry knowledge with fresh perspectives on key areas of future growth. BlackRock now has 17 Board members, of which 15 are independent and five are women. One third of BlackRock’s directors have been newly elected over the past five years, reflecting the company’s commitment to continually evolving and benefiting from fresh insights. The Board has and will continue to take into consideration diversity in career experience; gender; race, ethnicity and nationality; and diversity of perspectives when considering director candidates.
Bader M. Alsaad has served the BlackRock Board with distinction since 2019. “Bader’s international investment experience has been instrumental to BlackRock’s success, and I sincerely thank him for his dedication to the firm. The wisdom and guidance that he has given the Board throughout his tenure has been crucial to our growth in the Gulf region and globally,” said Fink.
