NEW YORK--(BUSINESS WIRE)--BlackRock, Inc. (NYSE: BLK) today announced that Bader M. Alsaad, former Managing Director of the Kuwait Investment Authority (“KIA”), has been nominated to join its Board of Directors. Mr. Alsaad will be included as a nominee in BlackRock’s 2019 Proxy Statement and, if elected by shareholders, will join the Board as an independent director following the Company’s Annual Meeting on May 23.

“Over the course of his accomplished career, Bader has been a globally respected leader in the investment world as well as a key adviser to some of the world’s leading corporations,” said Laurence D. Fink, BlackRock Chairman and CEO. “As BlackRock seeks to grow our business in new international markets, Bader’s unique experience and perspective will bring valuable diversity of thought and expertise to the Board.”

Sir Deryck Maughan, who has served the Board with distinction since 2006, will not stand for re-election at BlackRock’s 2019 Annual Meeting of Shareholders. “Deryck has been a long-time friend and an invaluable contributor to the Board and to BlackRock over these last 12 years,” said Fink. “His insights and wisdom, drawn from a distinguished international career, have proven instrumental to BlackRock’s growth in new businesses and markets around the world.”

If Mr. Alsaad is elected in May, five new independent directors will have joined BlackRock’s Board over the past two years. This reflects the deliberate evolution of BlackRock’s Board to achieve greater diversity in experience and backgrounds, which will help the Company execute on its long-term growth strategy.

Bader M. Alsaad

Mr. Alsaad has served as a member of the Executive Committee of the Board of Directors of the Kuwait Investment Authority since 2003. He was Managing Director of the KIA from December 2003 until April 2017. Prior to his appointment at KIA, Mr. Alsaad served as the CEO of one of the leading investment companies in Kuwait, The Kuwait Financial Center. Mr. Alsaad is currently a member of the Supervisory Board of Daimler AG, a member of the Global Advisory Council of Bank of America, and a member of the Board of Directors of the Kuwait Fund for Economic Development. He is a founding member of the International Forum of Sovereign Wealth Funds and served as its Chairman and Deputy Chairman from its inception in 2009 until October 2015.

About BlackRock

BlackRock helps investors build better financial futures. As a fiduciary to investors and a leading provider of financial technology, our clients turn to us for the solutions they need when planning for their most important goals. As of December 31, 2018, the firm managed approximately $5.98 trillion in assets on behalf of investors worldwide. For additional information on BlackRock, please visit www.blackrock.com.