Almarai Company appoints Majed Nofal as its new CEO

Saudi Arabia-based dairy company Almarai Company has promoted its deputy CEO Majed Mazen Nofal to the role of CEO, effective from 1 January 2020.

Nofal has worked at Almarai for 12 years, and became the company’s deputy CEO earlier this year following the resignation of Alois Hofbauer in July.

Georges Schorderet was then appointed as the company’s CEO on 7 July 2019, but he is now stepping aside on 31 December. Schorderet will continue to serve as an advisor to the board of directors.

Nofal has held several senior positions at Almarai in his 12 years at the company. In 2010, he was appointed as the company’s head of central procurement, and held this position until 2017.

He was then appointed as general manager – new businesses in 2017, a role he held for two years before his appointment as the company’s chief financial officer in April 2019.

Nofal also served as the chief financial officer of Jeddah-based Western Bakeries Group before it was acquired by Almarai in 2007.

Almarai is the largest producer of dairy products in the Middle East, and recorded revenues of SAR 3.57 billion riyals ($952 million) in the third quarter of 2019, a 7.7% increase when compared to the same period last year.

Approximately 60% of the company’s quarterly revenue came from dairy products, with the remainder coming from the company’s bakery and fruit divisions.