Executives of a number Saudi companies listed on the local stock exchange (Tadawul) were changed at a rapid pace during the fourth quarter of 2020.
During the last quarter, eleven chief executives were replaced, which puts question marks over the circumstances of these resignations, while the world’s economies are struggling to overcome the effects of the Coronavirus pandemic.
Rania Nashar resigned from Samba Financial group.
Nashar, the first woman to head a banking group in Saudi Arabia, is set to become a senior advisor to the governor of the $360 billion worth Saudi sovereign fund.
STC – the largest telephone operator in the Middle East – said last month that its CEO will resign after spending two years in office.
There are nearly 200 listed companies on Tadawul.
Most of the last quarter’s resignations were said to be related to “personal circumstances” without any further explanation.
Here are the most prominent CEOs who left their offices, and who replaced them:
- December 22: Samba CEO, Rania Nashar resigns, Mohammed bin Abdullah Al Sheikh replaces her.
- December 15: Sipchem CEO, Saleh Bahamdan resigns, Abdullah Al-Saadoun replaces him.
- December 7: Petro Rabigh CEO, Nasser Al Mahasher resigns, Othman Al-Ghamdi replaces him.
- December 3: Mediterranean and Gulf Insurance and Reinsurance (MEDGULF) CEO, Tariq Al-Naim, resigns, and Omar Al-Mahmoud replaces him.
- November 29: Abdul-Mohsen bin Abdulaziz Al-Faris, CEO of Alinma Bank, resigns, Abdullah Ali Al Khalifa replaces him.
- November 29: Saudi Telecom CEO Nasser Al-Nasser resigned. His successor was not announced yet.
- November 17: Majid Nofal, CEO of Almarai, resigns, and Badr Abdullah Al-Issa becomes interim CEO.
- November 9: The CEO of Al Yamamah Steel Industries, Sahl Al Thobiti, resigns, Yusef Ba Zaid replaces him.
- October 28: The CEO of Savola Group, Anis Ahmed Moumina, resigns, and Walid Khaled Fatani replaces him.
- October 15: The Chief of Saudi Research and Marketing Group, Saleh Al-Duwais, resigns, and Jumana Al-Rashed replaces him.
- October 7: Nabil Dawood Al-Hoshan, CEO of Bank Al-Jazira, resigns, and Nayef Abdul-Karim Al-Abdulkarim replaces him.