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IBM released the following statement today:

ARMONK, N.Y.--The IBM (NYSE:IBM) board of directors today elected Hutham S. Olayan to the board effective January 1, 2016. Ms. Olayan, 61, is a principal, director and senior executive of The Olayan Group, a private multinational enterprise that is both an international investor and diversified commercial and industrial business in Saudi Arabia.

Below is a preview of an article published in the September 15, 2015, issue of Fortune magazine on the occasion of Lubna Olayan being listed at number 16 on their list of Europe, Middle East, and Africa Most Powerful Women List

To access the full article please click here.


This CEO is Helping Saudi Women Break A Gender Barrier

by Erika Fry 

SEPTEMBER 14, 2015

In a joint venture with Mandarin Oriental, The Olayan Group acquired The Hotel Ritz in Madrid for $148 million on May 22. The Olayan Group and Mandarin Oriental will each own a 50% interest of the Hotel Ritz Madrid from its previous shareholders.

The property was purchased from Belmond Spanish Holdings S.L.U, and Landis Inversiones, S.L. The hotel will undergo a $103 million renovation in 2017. All of the rooms and public spaces will be refurbished and several new amenities will be added including restaurants and a spa.