Mubasher TV
Contact Us Advertising   العربية

Almarai appoints new managing director; CEO resigns

Almarai appoints new managing director; CEO resigns
Al Issa has been one of the members of Almarai's board
ALMARAI
2280
-1.25% 55.20 -0.70

Riyadh – Mubasher: The board of Almarai Company has decided to appoint Bader Abdullah Al Issa as a managing director, according to the company's disclosure to the Saudi Stock Exchange (Tadawul) on Tuesday.

This decision came after the board had accepted the resignation of the CEO Majed Mazen Nofal for personal reasons

Hence, Al Issa will manage the business until a new CEO is appointed.

Al Issa has been one of the members of Almarai's board since 7 August 2016 and occupies positions such as the vice-chairman of Savola Group and a board member at Banque Saudi Fransi and Dur Hospitality Company.

Meanwhile, the new managing director holds a Master’s degree in Business Administration from Rice University in the US.

It is noteworthy to mention that in the third quarter (Q3) of 2020, the company's net profits increased by 6.9% to SAR 621.5 million from SAR 581.2 million in the year-ago period.