The Public Investment Fund (PIF), the sovereign wealth fund of Saudi Arabia, said on Sunday it had appointed Andrew Liveris, former chairman and CEO of Dow Chemical, as a special adviser.
Liveris will advise Crown Prince Mohammed bin Salman, the chairman of PIF. Liveris will work closely with the fund on matters of strategic importance and assist the fund in its efforts to increase the value of its portfolio. PIF owns assets worth more than $250 billion, which it aims to increase to $400 billion by 2020. It holds stakes in some of the largest companies in Saudi Arabia, including SABIC, as well as banks and other financial institutions.
Liveris joined the board of Saudi Aramco, the state-owned oil company, in July. Aramco is negotiating with the PIF to acquire the majority of and possibly the fund’s entire 70% holding in SABIC, worth about $70 billion. The discussions follow a decision to postpone indefinitely the listing of 5% of Aramco’s shares on the domestic and international stock markets.
Banks including JP Morgan, Morgan Stanley, and HSBC, which were involved with the Aramco IPO, are working to assemble a debt package to fund the SABIC takeover.
By Natasha Alperowicz
Source: Chemical Week
Neste Corporation’s Board of Directors has appointed Heikki Malinen, M.Sc. (Econ.), MBA (Harvard) as the President and CEO of Neste as of 2 November 2024, at the latest. Malinen joins Neste from Outokumpu Corporation where he has held the position of President and CEO since 2020.
Petrochemicals company Sasol has announced that CFO and executive director Hanré Rossouw will step down from his position, effective October 31. Sasol has started the process to appoint a successor. Rossouw will still oversee the publication of Sasol’s reports for the financial year ending June 30, to allow for a structured handover period.
Chemours announced its CFO Jonathan Lock has resigned from all positions within the company, according to an SEC 8-K filing on April 23. The resignation comes in the aftermath of the company announcing that Lock, former CEO Mark Newman, and principal accounting officer Camela Wisel, had been placed on administrative leave.
