Saudi state miner Maaden names third CEO in 13 months

[RIYADH] Saudi Arabia's state miner has appointed its third chief executive officer in the past 13 months after the departure of Mosaed Al Ohali.

Abdulaziz Al Harbi, a senior vice president at Saudi Arabian Mining Co, will replace Al Ohali as acting CEO until further notice, the company said in a statement Sunday. It said Mr Al Ohali left "for personal reasons." Bloomberg earlier reported the news of Mr Al Ohali's departure.

The stock of Maaden, as the company is known, rose 2.1 per cent on Sunday, a record high on a closing basis and giving it a market valuation of almost US$20 billion.

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Mr Al Ohali was named CEO in April last year, replacing former HSBC Holdings Plc banker Darren Davies, who had been in the role since mid-2018.

Maaden made a profit of 761 million riyals (S$269 million) in the first quarter, slightly below what analysts had expected.

Mr Al Ohali said in a February interview that the company aims to reduce its debt ratio this year and keep a cash cushion rather than return money to shareholders. Maaden hasn't paid any dividends since its listing in 2008.

BLOOMBERG