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Saudi Basic Industries Corporation (SABIC) has announced resignation of its CEO Yousef Abdullah Al-Benyan, in light of the Royal Decree appointing him as Saudi Arabia’s Minister of Education.
Accordingly, SABIC’s board of directors has resolved to appoint Abdulrahman Saleh Al-Fageeh as acting CEO of Sabic for six months, effective September 28, said a stock market filing.
Sabic’s board also extended its sincere thanks and appreciation to Al-Benyan for his remarkable efforts which enabled the company to grow to be a global leader in the petrochemicals industry, it said.
The Riyadh-based company reported a 33% surge in first-quarter profits to SR 6.47 billion, driven by a 40% rise in sales.