Nayifat CEO steps down; Fahad Al-Mufarrej succeeds

Logo of Nayifat Finance Co.

Nayifat Finance Co.’s board of directors approved today, April 21, the resignation of CEO Bandar Al-Baiz, effective as of April 25, due to personal reasons.  

Fahad Al-Mufarrej was appointed as CEO to the company effective as of April 28, according to a statement to Tadawul. 

Al-Mufarrej brings over 35 years of diverse experience to the role. He held key positions in boards and committees, including as board member and Chairman of the audit committee at Al Baraka Group and board member at Saudi Printing and Packaging Co. (SPPC) where he previously served as Managing Director. 

He was previously named Director of Banking Supervision at the Saudi Central Bank (SAMA). He also held memberships in many boards of directors and committees inside and outside the Kingdom, the statement added. 

Al-Mufarrej holds a Bachelor's degree in Administrative Sciences from King Abdulaziz University (1986) and numerous professional qualifications.