Wafrah board appoints AI Otaibi as acting CEO, relieves Al Yami of position

Wafrah for Industry and Development Co.’s board of directors approved to relieve Zenan Salim Ali Al Yami of his position as chief executive officer (CEO), as of Feb. 21, 2021.

The board decided to assign Migid Ibrahim Ramthan AI Otaibi as acting CEO, the company said in a statement to Tadawul.

Al Otaibi has more than 10 years’ experience in the field of manufacturing and recently held the position of the company’s deputy CEO.

According to the company’s statement, managing director Faisal Al Khudairi proposed, during the board meeting, to relieve Al Yami from his position as CEO and appoint him as the director of the Breakfast Cereal Products Factory.

He also recommended appointing Al Otaibi as acting CEO until further notice.

Al Khudairi’s recommendations were based on his management during the previous period, as well as the company’s results for the years 2019-2020.

He asserted that his suggestion was in business interest due to the lack of a clear vision on the management and financial side for 2021 and failure to fulfill some requirements during the first board meeting.