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Tue 19 Jan 2016 05:39 PM

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Saudi food giant appoints JP Morgan exec as new CEO

Savola Group hires Rayan Mohammed Fayez and is expected to take up role on March 1

Saudi food giant appoints JP Morgan exec as new CEO

Saudi Arabia's largest food products company Savola Group said it appointed JP Morgan's Rayan Mohammed Fayez as chief executive, it said in a bourse filing on Tuesday.

Fayez, who was previously chief executive of JP Morgan in Saudi Arabia, is expected to take up his duties on March 1, 2016, the statement said.

Fayez takes over from Abdullah M Nour Rahemi, who will retain his position as managing director of Savola until the end of the term of the current board, which expires on June 30, the statement added.

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