Riyadh – Mubasher: Saudi Advanced Industries Company (SAIC) on Monday announced that its CEO Saad Ammash Saad Al Shammary has submitted his resignation on 28 September 2017.
Al Shammary’s resignation comes for personal reasons and has been approved by the board of directors, SAIC said in a statement to the Saudi Stock Exchange (Tadawul).
The resignation is effective 31 October 2017, the industrial company said.
SAIC thanked Al Shammary for his efforts in the company which had commenced in 2012.
The company did not mention who will become the next CEO.
SAIC last reported a 24.1% year-on-year drop in profits to SAR 7.56 million in the second quarter of 2017 from SAR 9.96 million and attributed the decline to lower dividends and higher general and administrative expenses, as well as increased financing expenses, despite the company's higher stake from associate companies and a rise in other revenues.
