SABB Takaful CEO steps down

Logo of SABB Takaful Co.

SABB Takaful Co.'s board of directors approved, on Oct. 17, the resignation of CEO Hussam Alkhayal submitted for personal reasons, according to a Tadawul statement.

The resignation is effective from today, Oct. 18.

Alkhayal was appointed as CEO in May 2019, according to data available with Argaam.

In September, shareholders of Walaa Cooperative Insurance Co. and SABB Takaful approved the proposed merger by issuing 0.6 share in Walaa for every one share in SABB Takaful, during the extraordinary general meetings (EGM) held on Sept. 15.

SABB Takaful recently said the creditor objection period to the merger deal with Walaa Insurance will expire today.