Riyadh – Mubasher: Savola Group’s board of directors has approved appointing Anees Ahmed Moumina as new CEO, effective 1 April.

Moumina's appointment was based on Savola remuneration and nomination committee's recommendation.

Savola also approved to appoint Abdullah Mohammad Noor Rehaimi as the acting CEO from 8 February until 31 March.

The resignation of current CEO, Rayan Fayez, will be effective as of 8 February.

By 11:23 am KSA time, Savola's stock inched up 0.54% to SAR 39.15.