SABIC CEO Yousef Al-Benyan resigns; Abdulrahman Al-Fageeh appointed acting CEO

Logo of SABIC

Saudi Basic Industries Corp.’s (SABIC) board of directors approved the resignation of Vice Chairman and CEO Yousef Al-Benyan after a royal decree was issued to appoint him as Minister of Education, according to a bourse statement.  

The resignation is effective as of today, Sept. 28. 

In a separate statement, Abdulrahman Al-Fageeh was appointed as acting CEO for six months, starting today. 

Al-Fageeh holds a Bachelor’s degree in chemical engineering from King Saud University and an MBA from Bradford University in UK. He assumes the position of Executive Vice President, Petrochemicals at SABIC and Chairman of Al‐Jubail Petrochemical Co. (Kemya), Saudi Yanbu Petrochemical Company (YANPET) and Gulf Coast Growth Ventures. 

King Salman bin Abdulaziz issued three royal decrees, on Sept. 27, reshuffling the Kingdom’s Cabinet and appointing Crown Prince Mohammed bin Salman as Prime Minister.