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)
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© ZAWYA 2021