Acwa Power Appoints New CEO
The Board of Directors at Acwa has named Dr. Samir J. Serhan as its new Chief Executive Officer, effective immediately. Dr. Serhan was previously the company's President for Saudi Arabia and the Middle East, and formerly served as COO of US-based Air Products.
Dr. Serhan takes the helm as Acwa Power accelerates a growth strategy to triple its assets under management to $250 billion by 2030. The company plans to increase its annual capital deployment in new projects to between $2 billion and $2.5 billion to fuel this expansion. This follows a period of significant growth, with the company's business portfolio having doubled in the last three years and being expected to double again in the next five. The appointment aligns with Acwa Power's strategic focus on green hydrogen and renewable energy. Dr. Serhan's previous role as COO at Air Products saw him deeply involved in the global energy transition, with a particular emphasis on large-scale green hydrogen projects. This experience is directly relevant to Acwa's significant investments in the sector, including the NEOM Green Hydrogen Project. This leadership transition comes on the heels of strong financial performance for Acwa Power. In the first half of 2025, the company reported a 62% increase in adjusted net profit to $312 million (SAR 1.17 billion). For the first nine months of 2025, adjusted net profit attributable to equity holders saw a 22% increase, reaching SAR 1.36 billion. The former CEO, Marco Arcelli, who held the position since March 2023, will stay on as an advisor to the Chairman of the Board to ensure a smooth transition. His predecessor, Paddy Padmanathan, retired in March 2023 after an 18-year tenure and continues to serve as a member of the board.
