MOVES: CEO of Saudi fertz major Ma’aden resigns

LONDON (ICIS)–Fertilizer major Saudi Arabian Mining Company (Ma’aden) on Sunday announced the resignation of CEO Mosaed bin Suliman Al Ohal, effective immediately.

The company gave no explanation for the senior executive’s sudden departure, but in a short bourse filing it named industry veteran Abdulaziz bin Asker Al Harbi as acting CEO.

Mr Al Harbi “has more than 33 years of experience in industrial management and operation… and joined Ma’aden in 2007 as president of Ma’aden Phosphate Company (MPC)”, the ammonia, phosphates and mining giant said.

Also on Sunday, Ma’aden posted a 33% year on year jump in Q1 net profit to $203m thanks to an increase in the average realised price of all products.