Saudi's Wafrah names CEO designate after 'releasing' top exec from office

New exec recently appointed deputy CEO

  
Image used for illustrative purpose. The view of Riyadh horizon during a cloudy day.

Image used for illustrative purpose. The view of Riyadh horizon during a cloudy day.

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Saudi Arabia’s Wafrah for Industry and Development has appointed a chief executive officer (CEO) designate, the food manufacturing company said on Monday.

Migid Ibrahim Ramthan Alotaibi assumed his new role on February 21, 2021 after the former executive, Zenan Salim Ali Alyami, was “released from office”, Wafrah said in a statement to the Saudi Stock Exchange (Tadawul), where its shares trade.

The company said its board of directors had decided to “release” Alyami from the position, without further elaborating.

The CEO designate has more than 10 years of experience in the food industry, the firm said.

“[Prior to his new role] he was upgrading his capabilities in management with growing responsibilities… He lately took the office of deputy CEO for Wafrah for Industry and Development,” the statement said.

The company reported a loss of 2.7 million riyals ($720,000) during the third quarter of 2020, surpassing the SAR1.8 million loss in the same period in 2019.

(Writing by Cleofe Maceda; editing by Mily Chakrabarty)

Cleofe.maceda@refinitiv.com

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© ZAWYA 2021

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