Riyadh – Mubasher: The board of directors of Al Yamamah Steel Industries Company accepted the resignation of the company’s CEO, Yousef Saeed Mohammed Bazid, on 17 November 2022. 

Meanwhile, Sahal Mekdar Kedran Al Thobiti will succeed Bazid, who is devoting himself to his own affairs, on 1 March 2023, according to a bourse filing.

The two officials will hand over duties between them during the January-February 2023 period.

Al Thobiti, who is currently the Chief Operating Officer (COO) of Al Yamamah Steel, has 20-year experience in the industrial sector.

He holds bachelor’s degrees in mechanical engineering as well as accounting, in addition to a master’s in business administration from King Abdulaziz University.

In the first nine months (9M) of fiscal year (FY) 2021/2022, the Tadawul-listed firm reported a net profit after Zakat and tax worth SAR 69.72 million, down 58.43% from SAR 167.75 million in 9M-20/21.