Saudi Chemical Giant Sabic Names New CEO Amid Industry Slump

Saudi Arabia’s biggest chemical producer Sabic named Faisal Mohammed Al-Faqeer as chief executive officer after Abdulrahman Al-Fageeh announced his resignation, closing a four-decade career at the company amid an industry slump.

The global chemicals market is suffering as overcapacity and falling prices have hurt profit at producers like Saudi Basic Industries Corp., as Sabic is formally known. Outgoing CEO Al-Fageeh has sold assets as Sabic looks to focus on more profitable business lines. The appointment of a successor from majority owner Saudi Aramco could seek to align strategy more closely with the state oil giant.