Almarai CEO resigns, Bader Al Issa named new MD

Almarai Co. approved, on Nov. 16, the resignation of Chief Executive Officer (CEO), Majed Mazen Nofal, due to personal reasons, it said in a bourse statement.

The resignation will come into effect from today, Nov. 17, 2020.

Meanwhile, the board of directors appointed, based on the recommendation from the remuneration and nomination committee, Bader Abdullah Al Issa as the Managing Director, effective today, Nov. 17, to manage the business until a new CEO is named at the appropriate time.

Al Issa has been a member of Almarai’s board of directors since Aug. 7, 2016, and previously held positions such as the Vice Chairman of Savola Group, member of the board of directors at Banque Saudi Fransi and Dur Hospitality Co.

He holds a Master’s degree in Business Administration from Rice University in the United States and is also a CFA charterholder.