Former CFO Khalid Al-Dabbagh (Khalid Al-Dabbagh) is at the forefront of the Riyadh Stock Exchange listing roadshow.
Saudi Aramco has appointed Ziad al-Murshed as its chief financial officer to replace Khalid al-Dabbagh, who helped lead the oil giant in its 2019 IPO.
According to a person familiar with the matter, who asked not to be named, Al-Dabbagh, 59, will join the company’s board of directors and retain the chairmanship of Saudi Basic Industries, a subsidiary of Saudi Aramco.
Al-Murshed served as the Vice President of Saudi Aramco in charge of fuels and lubricants and international business, and will initially become the acting CFO. Bloomberg reported the news for the first time on Wednesday.
The company held its annual general meeting of shareholders at 7:00 p.m. local time on Thursday.
Not long ago, the IPO and Saudi Aramco’s first international bond issuance were key parts of Saudi Arabia’s plan to open its economy to foreign investors.
Al-Dabbagh became the Senior Vice President of Finance, Strategy and Development in 2018. He is at the forefront of the Riyadh Stock Exchange listing roadshow. Although the company failed to reach the $2 trillion valuation that Saudi Arabia’s de facto ruler Crown Prince Mohammed bin Salman had hoped for, the $29 billion IPO was the largest ever.
Al-Murshed first joined Saudi Aramco in 1991 and was previously responsible for the company’s acquisition of Dhahran in eastern Saudi Arabia. As a trained chemical engineer, he is also a board member of Sabic, South Korea’s S-Oil Corp., and Houston-based Motiva Enterprises LLC.
The last time Saudi Aramco reorganized its top management was in August when it created a corporate development department, led by senior vice president Abdulaziz Al Gudaimi, focused on “portfolio optimization.” Since then, the company has raised $12.4 billion through the sale of shares in its oil pipeline division. People familiar with the matter told Bloomberg that the company plans to sell part of its natural gas pipeline business next.