Saudi Arabia's Yanbu Cement CEO resigns

Chief executive to be replaced by Ali bin Abdullah Al-Ayed

  
Image used for illustrative purpose. Indonesian porters move sacks of cement to be loaded on a traditional wooden ship at Paotere Harbor on April 30, 2014 in Makassar, Indonesia.

Image used for illustrative purpose. Indonesian porters move sacks of cement to be loaded on a traditional wooden ship at Paotere Harbor on April 30, 2014 in Makassar, Indonesia.

Getty Images

Yanbu Cement, one of Saudi Arabia’s largest cement manufacturers, has confirmed that its CEO has quit his post for personal reasons.

Ahmed bin Abdo Zugail, whose resignation took effect on March 27, 2021, will be replaced by Ali bin Abdullah Al-Ayed, a bourse filing to the Saudi Stock Exchange (Tadawul) on Sunday said.

Al-Ayed has more than 30 years of experience in the industry and held several leadership positions.

He had served as CEO of the Saudi Technology Development and Investment Company. Prior to that, he worked in the Saudi Industrial Development Fund from 1978 until he became its director from 2010 to 2015.

Al-Ayed, who graduated with a Bachelor’s degree in Industrial Management from King Fahd University of Petroleum and Minerals, has also served as a member of several boards of directors.

The company’s net profit for 2020 went up by 8.9 percent to 281.02 million riyals ($74.9 million).

(Writing by Cleofe Maceda; editing by Seban Scaria)

Cleofe.maceda@refinitiv.com

Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.

© ZAWYA 2021


More From Business