Savola Group's chief executive resigns

The chief executive of Saudi Arabia's Savola Group has resigned and will leave the kingdom's largest food group for another firm at the end of March, a company spokesman said on Friday.

"Abdulraouf Mannaa has presented his resignation because he is about to move to another company," the spokesman told Reuters by telephone.

He said Mannaa, who has been at Savola since 1991 and was appointed CEO in 2005, would be replaced as of April 1 by Sami Mohsen Baroum, who has worked at the company for 12 years.

The spokesman declined to say where Mannaa was going but said it was to an unlisted company. Savola's board has accepted Manna's resignation and will make a formal announcement on Wednesday, he said.

Savola reported a fourth-quarter net profit of 233 million riyals ($62.13 million), up over 21 percent on the same period of 2005. The company said it was working on expanding its investments in the Middle East and would be focusing on North Africa citing Algeria, Iran and Egypt as key growth markets.

Savola is seeking to become a holding company and is pushing into petrochemicals, real estate and information technology.

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