Sabic Names Al-Benyan Acting CEO as Al-Mady Steps Down

Saudi Basic Industries Corp., the world’s largest petrochemicals maker by sales, named Yousef Al-Benyan acting chief executive officer after Mohammed Al-Mady stepped down to be president of Saudi Arabia’s Military Industries Corp.

Al-Benyan will remain chief financial officer until Sabic’s board decides on a permanent CEO, Mohammed Al Motawa, a company spokesman, said by phone.

King Salman bin Abdulaziz yesterday appointed Al-Mady president of Military Industries Corp. at the request of Defense Minister Mohammed bin Salman.

Before it's here, it's on the Bloomberg Terminal.