Riyadh – Bandar bin Mohammed Al Baiz resigned from his position as the Managing Director and the CEO of Nayifat Finance Company, effective on 25 April 2024.

Al Baiz submitted his resignation, on 21 April, due to personal circumstances, according to a bourse disclosure.

The board members appointed Fahad bin Ibrahim Al Mufarrej as the new CEO of Nayifat as of 28 April.

Al Mufarrej has more than 35 years of experience, including many memberships and positions at the level of boards of directors and committees.

He is currently a board member at Saudi Printing and Packaging Company, where her previously served as the Managing Director.

In 2023, Nayifat posted 48.26% lower net profits at SAR 88.71 million, versus SAR 171.45 million in 2022.

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