Sector News

Saudi's Savola Group says hires JP Morgan's Fayez as CEO

January 19, 2016
Food & Drink

(Reuters) – 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 Mar. 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. (Reporting by Hadeel Al Sayegh; Editing by David French)

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