IssuerAnnouncementDetailsV2Portlet
Actions
Methanol Chemicals Company (Chemanol) announces the Termination of its CEO's Contract and assigns the Vice President of Manufacturing to Temporarily Assume the Duties of the CEO
| Element List | Explanation |
|---|---|
| Introduction | Methanol Chemicals Company (Chemanol) announces the employment contract of its CEO Eng. Sabri Abdullah Al-Ghamdi has been terminated, effective Thursday, May 15, 2025. Engineer Fares Ahmed Al-Abbad, who currently holds the position of Vice President of Manufacturing, has been assigned the duties of Acting Chief Executive Officer until the new CEO officially assumes the position, which is expected to take place in July, God willing. Any updates will be announced in due course. Accordingly, the membership status of Eng. Sabri Al-Ghamdi on the Board of Directors will change from executive to non-executive. |
| Element List | Explanation |
|---|---|
| Name of the Resigned Person | Eng. Sabri Abdullah Al-Ghamdi |
| Resignation Acceptance Date | 2025-05-15 Corresponding to 1446-11-17 |
| Resignation Effective Date | 2025-05-15 Corresponding to 1446-11-17 |
| Reasons for Resignation | Termination of employment contract |
| Element List | Explanation |
|---|---|
| Appointment Type | Delegation |
| Name of the Appointed Person | Eng. Fares Ahmed Al-Abbad |
| Date of Board Resolution | 2025-05-15 Corresponding to 1446-11-17 |
| Date Work Commencement | 2025-05-15 Corresponding to 1446-11-17 |
| Brief Resume | Eng. Fares Al-Abbad has over 27 years of professional experience in the petrochemical industry and project development, 26 of which were spent at SABIC and its affiliate company, Petrokemya. Throughout his career, he advanced in the fields of operations and process engineering, starting as a production engineer and eventually reaching the position of Senior Manager. He was also part of the team involved in oil-to-petrochemical conversion projects. Additionally, he holds two patents in the same field. He has attended dozens training courses in the petrochemical industry as well as in management and leadership, both inside and outside the Kingdom. Engineer Fares Al-Abad holds a bachelor’s degree in Applied Chemical Engineering from King Fahd University of Petroleum and Minerals. |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
Share
Company Performance
LoginPortletPopupv2
Actions
AddtoWatchlistv2
Actions
- ${title}${badge}