Riyadh – Mubasher: Saudi Pharmaceutical Industries and Medical Appliances Corp. (SPIMACO) announced that the company’s board of directors had approved the resignation of its CEO, Fahad bin Ibrahim Al Khalaf, on Saturday.

SPIMACO attributed Al Khalaf’s resignation to personal reasons, according to a statement to the Saudi Stock Exchange (Tadawul) on Sunday.

The Saudi firm’s board also approved the appointment of Al Khalaf as an advisor to the board, along with naming Mohammed bin Sultan Al Sultan as the new CEO for a six-month term as of 4 May.