The CEO of Saudi Electricity Company (SEC) Fahad bin Hussein Al Sudairi has resigned.

He will be replaced by Eng. Khaled bin Hamad Al Gnoon, currently the company’s executive vice president, distribution and customer services, until further notice, SEC said in a statement to the Saudi Stock Exchange (Tadawul).

Sudairi was appointed as CEO in November 2019 and resigned for private reasons, according to the statement. 

SEC’s most recent financial reports show a profit of SAR 1.69 billion ($451 million) in Q1 2021, compared with a loss of SAR 2.44 billion in the same period in 2020.

(Writing by Imogen Lillywhite; editing by Daniel Luiz)

(imogen.lillywhite@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