SABIC CEO resigns

SABIC CEO resigns

SABIC CEO Resigns, Appoints Acting Officer Amid Leadership Transition

Saudi Basic Industries Corporation (SABIC), one of the world's largest chemical producers, announced the resignation of Yousef Abdullah Al Benyan as Chief Executive Officer (CEO) effective September 28, 2022. Al Benyan's departure follows his appointment as Saudi Arabia's Minister of Education, as disclosed in a bourse filing.

To ensure continuity, SABIC appointed Abdulrahman bin Saleh Al Fageeh as Acting CEO, a role he assumed on the same date. Al Fageeh brings a background in chemical engineering and business administration, holding a Bachelor's degree in Chemical Engineering from King Saud University and an MBA from the University of Bradford. His interim leadership is expected to last six months until a permanent successor is named.

The transition occurs amid a period of financial growth for SABIC. For the first half of 2022, the company reported a 15.11% year-on-year increase in net profit after Zakat and tax, reaching SAR 14.40 billion ($3.84 billion), compared to SAR 12.51 billion in the same period of 2021. This growth reflects sustained demand for petrochemical products and operational efficiencies.

Al Benyan's tenure as CEO spanned over a decade, during which SABIC navigated global market fluctuations and strategic acquisitions, including Saudi Aramco's takeover of the Public Investment Fund's stake in 2020. His move to government service underscores a broader trend of cross-sector leadership in Saudi Arabia's Vision 2030 initiative.

SABIC's board emphasized a smooth transition, with Al Fageeh's appointment signaling stability during the interim period. No further details about a permanent CEO replacement were disclosed at the time of the announcement.

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