Riyadh – Mubasher: Savola Group on Tuesday announced that its board has approved the CEO’s resignation.

CEO Rayan bin Mohammed Fayez submitted his resignation from the company have received another job offer.

Fayez’s resignation is effective 8 February 2018, Savola said in a statement to the Saudi Stock Exchange (Tadawul).

The company said it would announce its replacement for Fayez at a later time.

Savola last reported a net profit surge by 361.8% year-on-year in the third quarter of 2017 to SAR 829 million from SAR 179.5 million in the year-ago period.

Savola’s stock closed Sunday in the red, falling 1.8% to SAR 38.48.