Saudi’s SABIC Says Appoints Yousef Al-Benyan As Acting CEO

Benyan replaces Mohammed Al Mady, who was appointed as the president of the country’s military industries corporation.

Saudi Basic Industries Corp (SABIC) said on Sunday it has named Yousef Abdullah al-Benyan as its acting chief executive officer, replacing outgoing head Mohamed al-Mady.

A SABIC official said Benyan’s appointment had been approved by the board of directors and he would serve on an acting basis, clarifying an earlier Arabic-language bourse statement which named Benyan as Mady’s successor.

The official wouldn’t be drawn on the reasons for Benyan’s appointment only being on a temporary basis.

Benyan had been appointed executive vice president of corporate finance for SABIC last month, replacing Mutlaq al-Morished who joined National Industrialization Co (Tasnee) as its CEO in December.

New Saudi King Salman appointed Mady as the president of the country’s military industries corporation, a royal decree published on the state news agency SPA said on Saturday.

Mady had been CEO of SABIC, one of the world’s largest petrochemicals companies, for 17 years and had worked at the company since 1976. He also served as vice chairman.

SABIC’s share price was 2.3 per cent higher at 0922 GMT, against a 1.2 per cent increase for the wider bourse buoyed by higher oil prices at the end of last week.