Yousef Abdullah Al-Benyan, CEO of chemicals maker Saudi Basic Industries Corporation (Sabic), one of Saudi Arabia’s largest companies, with a market value of $70 billion, has stepped down.
Al-Benyan was appointed as the Kingdom’s Education Minister earlier this week by Royal Decree, which led to his resignation. He previously held the positions of Executive Vice President, Corporate Finance, and Chief Financial officer at Sabic.
Al-Benyan stepped down as CEO as he takes on a new role as the Kingdom’s Education Minister
Al-Benyan is also the Chairman of the boards of SABIC Agri-Nutrients Company, SABIC Investment and Local Content Development Company (Nusaned), the Gulf Petrochemicals and Chemicals Association (GPCA), and the Petrochemical Manufacturers Committee. He also serves on the boards of Saudi Tadawul Group and Saudi Information Technology Company.
According to a statement posted on the Saudi Exchange, the board of directors named Abdulrahman Saleh Al-Fageeh as interim CEO for a period of six months, beginning on 28 September.