Yousef Al-Benyan resigns as CEO of SABIC to serve as Education Minister

RIYADH: Chemical giant Saudi Basic Industries Corp. has announced the resignation of its CEO Yousef Al-Benyan, after being appointed Minister of Education by Royal Decree.

Accordingly, SABIC’s Board appointed Abdulrahman Al-Fageeh as acting CEO for six months effective Sep. 28, 2022, according to a bourse filing.

The Riyadh-based company reported a 33 percent surge in first-quarter profits to SR6.47 billion, driven by a 40 percent rise in sales.