Yousef Abdullah Al-Benyan has stepped down as the chief executive officer of Saudi Basic Industries Corporation (Sabic), as he takes on his new role as the Kingdom’s education minister, according to a bourse filing.
Riyadh-based chemical producer is one of Saudi Arabia’s biggest companies, with a market value of $70 billion.
Al-Benyan also served as the executive vice president, corporate finance and chief financial officer before taking on the role as vice chairman and chief executive officer.
The newly appointed education minister also serves on the boards of Saudi Tadawul Group and Saudi Information Technology Company.
Given the change, Sabic’s board of directors appointed Abdulrahman Saleh Al-Fageeh as acting chief executive officer for a period of six months, starting September 28.
Al Fageeh is head of petrochemicals for Sabic, as the subsidiary of oil giant Saudi Aramco is known, according to Bloomberg.
Al Fageeh has also been with the company for over 35 years.
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