The CFO Of Prince Al Waleed’s Kingdom Holding Company Is Quitting And A Succession Is In Talks
Kingdom Holding, one of the biggest Saudi conglomerates is currently in search of a new Chief Financial Officer.
According to Gulf Business, Mohamed Fahmy who is the current CFO of Kingdom Holding is leaving the firm.
This marks the first departure of a top executive from Kingdom Holding after the detention of company’s founder.
Mohamed Fahmy has been working with the firm for five years and is believed to be a close aide of Prince Waleed Bin Talal. He joined Kingdom Holding as deputy chief financial officer in 2013 and then a year later was appointed as chief financial officer.
His term as CFO is expected to end in February.
The reason for his departure is not clear and the news has not been announced officially by the company. According to a source who spoke to Reuters on condition of anonymity has said that the announcement will be done when a new CFO is found.
Kingdom Holding has investments in many companies across the world including Citigroup Inc and News Corp.The company’s most recent investment was a 16.2 percent stake in Banque Saudi Fransi which it purchased for SAR 5.76bn.