Riyadh – Mubasher: The Saudi Company for Hardware (SACO) announced the resignation of CEO Sameer Al Hamidi, upon his request, after serving the company for nearly 35 years.

The decision has been accepted by the Board of Directors, which decided to appoint board member Haytham Al Hamidi, as the company’s new CEO, effective 1 January 2020.

However, retiring CEO Sameer Al Hamidi will retain his position as Managing Director, according to the company’s statement to the Saudi Stock Exchange (Tadawul) on Thursday.

It is worth mentioning that in 2018, SACO’s board launched a senior management succession project.

On another front, SACO announced the opening of a new store at Dareen mall in Dammam, increasing the total number of SACO stores to 33 stores, covering 18 cities across the kingdom.

The financial impact of the new store will reflect on the financial results of the first quarter (Q1) of 2020.