Almarai’s [2280.SE] Board of Directors appointed Majed Mazen Rasheed Nofal as the company’s new Chief Financial Officer (CFO) effective on 8 April, following the retirement of CFO Paul Louis Gay. Nofal started his career in Audit and Assurance services at Ernst and Young in Riyadh in 1992 and remained there for nine years. He then joined Western Bakeries Co. (L’usine) in Jeddah as CFO for seven years and was appointed CEO for four years following Almarai’s acquisition of Western Bakeries Co. He most recently was the head of Central Procurement for Almarai for seven years until his appointment as General Manager of New Businesses in Sep 2017. (Tadawul)
Almarai: SAR53.90 as of 10 Feb. 2019, Rating: Neutral, TP: SAR56.00/share, MCap: USD14,373mn, ALMARAI AB/2280.SE
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