The group has appointed Ahmed bin Ibrahim Langawi. The new appointee, according to a statement posted on Tadawul stock exchange this Thursday Sept. 6, will assume office immediately.
Langawi is tossed in his new role with 25 years of administrative experience, and was CEO of Procter & Gamble International in Saudi Arabia. The new CEO joined the group in December 2006, the statement said.
Al-Rasheed, the statement also noted, requested to resign from his position and demanded to be assigned new roles after leading the group’s operation for 11 years.
EEC is currently developing the King Abdullah Economic City (KAEC) in Jeddah.
EEC posted losses for the second quarter and first half of 2018 according to its six-month interim financial statement filed last month with Tadawul, Thomson Reuters Zawya reports.