Saudi food company Almarai names new CEO

Saudi food company Almarai has named a new CEO.

The company announced in a stock exchange filing on Monday (Dec 9) the appointment of Majed Mazen Nofal as chief executive officer effective January 1, 2020.

He takes over from Georges P. Schorderet who stepped in as CEO after the departure in April of Alois Hofbauer. Schorderet will continue to serve as an advisor to the board of directors. 

Majed Mazen Nofal was Almarai Deputy CEO from July this year, promoted from Chief Financial Officer of the company, a position he assumed in April 2019.

He served as Head of Central Procurement for Almarai for seven years before becoming the company's General Manager of New Businesses in 2017. 

Almarai competes in several F&B sectors including dairy, juices, poultry and bakery.

The F&B conglomerate's third quarter profit dropped 8.472% compared to the same period a year ago, the company reported in a bourse filing in October.

Its net profit after zakat and tax reached 581.2 million riyals ($155 million) for the three months ending September 30 versus 635 million riyals for the corresponding period in 2018.

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