Saudi firms replace CEOs at rapid pace in fourth quarter

Some of Saudi Arabia’s listed companies are seeing key leadership roles reshuffled at a rapid pace, with about 10 CEOs replaced this quarter alone.

Rania Nashar, the first woman to lead a banking group in the kingdom, resigned from Samba Financial Group on Tuesday and will become a senior adviser at the country’s $360bn wealth fund.

Saudi Telecom, the Middle East’s biggest phone operator, last month said its CEO would leave after just two years in the role.

Saudi Arabia, the biggest Arab economy, has been the most active in the Middle East in pushing for consolidation in various sectors in the recent past. Key leadership positions have been reshuffled, including those at its wealth fund.

There are about 200 companies listed on Saudi Arabia’s stock exchange, and most resignations this quarter were linked to unexplained “personal circumstances.”

Notable CEO changes in 4Q 2020:
December 22: Samba CEO Rania Nashar resigns; Mohammed bin Abdullah Al Sheikh takes over as CEO
December 15: Sipchem CEO Saleh Bahamdan resigns; Abdullah Al-Saadoon becomes CEO
December 7: PetroRabigh CEO Nasser Al-Mahasher resigns; Othman Al-Ghamdi becomes CEO
December 3: Mediterranean & Gulf Insurance CEO Tariq Al Naeem resigns; Umar Al Mahmoud becomes CEO
November 29: Alinma Bank CEO Abdulmohsen Bin Abdul Aziz Al-Fares resigns; Abdullah Ali Al Khalifa becomes CEO
November 29: Saudi Telecom CEO Nasser Al Nasser resigns; search for successor underway
November 17: Almarai CEO Majed Nofal resigns; Bader Abdullah Al Issa becomes MD and to manage the food producer until CEO is appointed
November 9: Al Yamamah Steel Industries CEO Sahal Al Thobiti resigns; Youssef Ba-Zaid becomes CEO
October 28: Savola Group CEO Anees Ahmed Moumina resigns; Waleed Khalid Fatani becomes CEO
October 15: Saudi Research & Marketing CEO Saleh Al Duwais resigns; Joumana Al Rashed becomes CEO
October 7: Bank Al-Jazira CEO Nabil Dawood Al-Hoshan resigns; Naif Abdulkareem Al Abdulkareem becomes CEO