Majed Mazen Nofal has resigned as CEO of Saudi Arabia-based dairy producer Almarai Company due to personal reasons, according to Reuters.
Nofal took up the role of CEO at the beginning of this year, having worked at Almarai for 12 years, including as the company’s deputy CEO.
Almarai – the Gulf’s largest dairy company – has not announced a replacement for Nofal. Meanwhile, the company’s board has appointed Bader Abdullah Al Issa as managing director.
Almarai counts the kingdom’s sovereign wealth fund, the Public Investment Fund, and its largest food products company, Savola Group, among its investors.
The company recorded revenues of SAR 3.86 billion ($1.03 billion) in the third quarter of 2020, an 8.1% increase when compared to the same period last year.
Prior to Nofal’s appointment, Georges Schorderet served as the company’s CEO, before stepping aside at the end of last year.
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