The year 2020 can’t get weird than this. Saudi firms are reportedly replacing their CEOs rapidly. According to Bloomberg's latest report, key leadership positions have reshuffled in some big companies in the fourth quarter.
As per the report, almost 10 CEOs have been replaced in this quarter alone. Middle East’s one of the biggest phone operators – Saudi Telecom announced that its CEO is all about to leave within just two years.
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Middle East’s one of the biggest economies – Saudi Arabia has been the most active in promoting consolidation in various sectors off late. Senior management roles are said to be reshuffling even in the wealth fund.
According to the media reports, most of the resignations from the CEOs in this quarter were citing to ‘personal reasons’ and these are the 200 companies, which are listed on Saudi Arabia’s stock exchange.
Below is the list of well-known CEOs who were replaced in the fourth quarter of 2020:
December 22: Samba CEO Rania Nashar resigns; Mohammed bin Abdullah Al Sheikh takes over.
December 15: Sipchem CEO Saleh Bahamdan resigns; Abdullah Al-Saadoon grabs the position.
December 7: PetroRabigh CEO Nasser Al-Mahasher resigns; Othman Al-Ghamdi becomes CEO
December 3: Mediterranean & Gulf Insurance CEO Tariq Al Naeem resigns; Umar Al Mahmoud takes over
November 29: Alinma Bank CEO Abdulmohsen Bin Abdul Aziz Al-Fares resigns; Abdullah Ali Al Khalifa gets the chair.
November 29: Saudi Telecom CEO Nasser Al Nasser resigns; hiring in process
November 17: Almarai CEO Majed Nofal resigns; Bader Abdullah Al Issa becomes MD and managing until CEO is appointed
November 9: Al Yamamah Steel Industries CEO Sahal Al Thobiti resigns; Youssef Ba-Zaid grabs the seat
October 28: Savola Group CEO Anees Ahmed Moumina resigns; Waleed Khalid Fatani is appointed as the new CEO
October 15: Saudi Research & Marketing CEO Saleh Al Duwais resigns; Joumana Al Rashed becomes the CEO
October 7: Bank Al-Jazira CEO Nabil Dawood Al-Hoshan resigns; Naif Abdulkareem Al Abdulkareem becomes CEO
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