Apr 19 2010 |
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Manna to succeed Baroum as Savola CEO
JEDDAH: Abdul Raouf Manna has been named to succeed Sami Baroum as chief executive officer (CEO) of the Savola Group . He will replace Baroum from July 1.The announcement on Sunday came a day after Baroum surprised the corporate world by announcing that he would step down from June 30. He gave no reason for his sudden move. However, a source at Savola was quoted as saying that he was "resigning for personal motives. His family is in the United States and he has grown tired of frequent trips to America."
Manna has held several senior positions in the group during the past 15 years.
The group made a net profit of SR394 million ($105.1 million) in the three months ending March, compared to SR193 million in the same period the year earlier, it said in a statement.
Savola said it expected to make a net profit of SR205 million in the second quarter which is 3.5 percent below its profits a year ago.
By SHAHEEN NAZAR
© Arab News 2010
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