Saudi Cables scarps exec management shakeup on ex-CEO refusal of resignation

Fawaz Al-Muqbil, former CEO of Saudi Cables Co.

Fawaz Al-Muqbil, former CEO of Saudi Cables Co. (SCC), said the decision to abolish the CEO position and relieve him of his duties was made without a legitimate reason.

According to the company's announcement, the board's decision was based on Article 77 of the Labor Law, Al-Muqbil told Argaam.

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The former CEO added that this came after he refused to submit a resignation following a voice message from the Chairman earlier this month via an application without any justification.

The message included a request for resignation, hinting at a threat of dismissal and announcement of the matter on Tadawul website. However, there was no discussion with him about the restructuring, and he was surprised with a Tadawul announcement without his knowledge.

The decision was hasty and unjustified, the former CEO said, noting that he was not informed in advance, given the sensitivity of the position and the company's current situation. Additionally, the company has not conducted any shakeups as announced.

Al-Muqbil went on to say that he did not resign as stated in the announcement, and his contract is effective until April 16, 2025. He added that he appointed a lawyer to file a lawsuit against the company to protect his contractual rights and seek compensation for the damage caused by what he described as a misleading announcement.

Further, Al-Muqbil said he was working on a systematic plan to recruit highly experienced leaders to achieve a qualitative shift in the company. He added that the team under his leadership was working in harmony, and there was no discussion about cutting the administrative positions.