As many as 41 CEOs Leave their Positions on Tadawul Listed Companies, in 2021

As many as 41 CEOs have left their positions, in 37 companies listed on the Tadawul sto exchange, including one from the parallel market, during the Year 2021.

Two CEOs left their positions, during the year, in each of Abdullah Al-Othaim, Herfy Food Services, Naseej Global Trading, and Amiantit.

The most prominent CEOs who have left their positions were Fahd bin Hussein Al-Sudairy, CEO of the Saudi Electricity Company (the third largest company, in terms of capital).

He was the fourth CEO of the company since 2005, to leave.

Al-Sudairy took his position as CEO-designate since November 2018 and was appointed after that for a wholesome year.

Among the resignations were the departure of Suleiman bin Abdulaziz Al-Tuwaijri as CEO of Amiantit, after 13 consecutive years since assuming the position, as he has succeeded Farid Yousef Al-Khalawi, who was CEO of the company for another consecutive 12 years, i.e. since its listing on the market, in 1996.

When Amiantit announced the resignation of Suleiman Al-Tuwaijri from the position of CEO on October 19, 2021, it announced the assignment of Osama bin Jassim Al-Enezi to carry out the duties of CEO, starting from the first of November, but on the day he was supposed to take over the position, i the company announced the suspension of the assignment and the appointment of Khalil bin Abdulfattah Kurdi, as its new CEO.

It is worth noting that Sulaiman bin Abdulaziz Al-Tuwaijri, the resigned CEO of Amiantit, is still a non-executive member of the company’s board, in addition to being the managing director of Nadec Agricultural company, and a non-executive member of Walaa Insurance company until now, and he is a member of the Takween Board until now.

Among the most prominent CEOs who left their positions this year, too, was Ali Hussein Al Busaleh, after Abdullah Abdulmohsen Al-Khodari Sons company announced the issuance of the Board of Directors’ decision to terminate its contract with him as CEO of the company for a legitimate reason, as described by the company in its statement on Tadawul website, where it based its decision on Article 80 of the Labor Law, and the company relied on its legal right by monitoring the abuses of the former CEO, as allegedly described, and announced that it retains its legal right by monitoring all violations and taking appropriate action, in this regard, and announcing it at the time.

Two CEOs left their position, in Abdullah Al-Othaim Markets, the first of whom was Abdulaziz Abdullah Saleh Al-Othaim, and the company stated that the reason for the resignation was in line with the Board direction to raise the level of application of governance standards and enhance the principle of separation of ownership from management, and the desire from him to devote himself to his own business, while the resignation of Mohsen Saqr Hussein in November, was due to family circumstances, that require his continued presence outside the Kingdom.

In Wafrah company for Industry and Development, the resignation of Ibrahim Ramthan Al-Otaibi was announced due to his personal circumstances on December 12, 2021, while the Saudi Arabian Refineries company (SARCO) had announced the approval of its board to choose Bin Ibrahim Al-Otaibi’s as a delegate of the company, his capacity was changed to an executive member instead of Hattan bin Hamed Al-Shanbari Al-Sharif, due to his part-time absence and his capacity was changed to an independent member, starting from October 21, 2021.

Wafra company had announced in February 2021 the Board decision to relieve Zainan Salem Ali Al Yami from his position as CEO of the company and assign Ibrahim Ramthan Al-Otaibi as CEO, before announcing the termination of his assignment and his appointment as CEO on May 10, 2021, before his resignation in December.

Among the resignations was the CEO of the Saudi Ground Services company Fahd bin Hamza Sindi, but the company had announced in January his resignation from the position of CEO, due to a 6-month on the loan, that can be extended to the Saudi Aerospace Engineering and Industry company, but after the end of being on the loan, he was supposed to have return to his position as CEO of the company.

However, he decided, instead, to resign to take the position of CEO of a Saudi Airlines company, based on his desire.

As for the resignation of the Natural Gas Distribution company “Gas” listed on the parallel market “Nomu”, it was from Abdul Rahman bin Rashid Al Balawi, who submitted his resignation on October 6, while it became effective on December 14.

The company, listed on the stock exchange on September 22, and the resignation came only two weeks after the listing, and the company stated that the resignation was due to his personal circumstances.

Also, among the CEOs who left their positions, during the current year are the CEO of United Insurance Group Hisham Mohamed Al-Sharif, who has been the CEO of the company since it was listed on the stock exchange, in 2012, as well as the CEO of Yanbu Cement company Ahmed Abdo Zuqail, who was appointed to the position, since 2012, too.

Hassan Abdullah Al-Somali had announced his resignation from Seiko Insurance company, in February, for retirement, a resignation that was supposed to become effective by the end of the year, but the company announced on December 14, 2021 the postponement of the CEO’s retirement date, and his continuation of his work and carrying out his duties, until a further notice.

Among the resignations, the most cited reason was the resignation due to personal circumstances (it was mentioned 20 times) without clarifying what these circumstances were, while two companies stated that the reason for leaving the position was retirement Union, and (Gulf (Gulf National SADAFCO), while Saudi Ground Services stated that the reason was the end of being on a loan, for a period of 6 months that can be extended to the Saudi Aerospace Engineering and Industry company, and then after the it ended, the CEO of the company moved to work in another company based on his desire.

Sera Holdings stated that the reason for the resignation of its CEO was assigning him with additional supervisory and leadership tasks, while one of the striking reasons was the reason for the resignation of the CEO of Herfy Food Services company, which was the lack of harmony, in views, and the assignment of one of the CEOs in Amiantit was canceled before assuming his duties, Naseej stated that the reason for the resignation of one of the two CEOs who have left the position, during the year, was the misunderstanding and lack of agreement with the board of directors, while the reason for the resignation of the CEO of Abdullah Al-Othaim Markets was to raise the level of application of governance standards and enhance the principle of separation of ownership from management.

The last resignation announced during the current year, were in the Saudi Shipping company, where it announced resignation of Abdullah bin Ali Al-Dubaikhi, who had joined it, in January 2018, and the company stated that the resignation has taken place, in order that he may pursue his career, away, elsewhere.