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SABIC appoints new CEO, chairman, board members

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SABIC appoints new CEO, chairman, board members

Saudi Basic Industries Corp. on Oct. 9 announced the approval of candidates for the company's board of directors made in an extraordinary general assembly held Oct. 8.

Abdulaziz bin Saleh Al-Jarboo was elected to replace Prince Saud bin Abdullah as chairman, and Yousef bin Abdullah Al-Benyan was elected as vice chairman and CEO. Fahad bin Abdullah bin Abdullatif Al-Mubarak, Calum Mclean and Roberto Gualdoni were nominated as the board members.

The report noted that under the departing chairman's tenure, the diversified chemical producer's annual production grew from 43 million tons in 2004 to more than 73 million tons, industrial plants increased from 20 to more than 60 sites globally, and the company's total assets increased from 125 billion Saudi riyals in 2004 to more than 316 billion riyals in 2016.

As of Oct. 9, US$1 was equivalent to 3.75 Saudi riyals.