ALMARAI COMPANY

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Saudi's Almarai appoints new managing director, CEO leaves

11/17/2020 | 03:08am

RIYADH (Reuters) - Saudi Arabia's Almarai, the Gulf's largest dairy company, said on Tuesday its board decided to appoint Bader Abdullah al-Issa as managing director.

The decision comes after the board accepted the resignation of the company's chief executive officer, Majed Mazen Nofal due to personal reasons. Nofal had been CEO since January.

Almarai, which counts the kingdom's sovereign wealth fund (PIF) and Savola Group, the kingdom's largest food products company, among its investors, recorded a 3.5% decline in the third-quarter net profit as sales were affected by seasonal demand.

(Reporting by Marwa Rashad; editing by Jason Neely)

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