Saudi’s State-controlled miner names fourth CEO in two years
Saudi Arabia’s State-controlled miner has named its fourth chief executive officer in the past two years after replacing Abdulaziz Al-Harbi.
Robert Wilt, a former Alcoa executive who was most recently CEO of one of Canada’s largest food companies, will lead Saudi Arabian Mining, according to a bourse filing Sunday. Wilt will replace Al-Harbi, who was in the role since April and will now become the deputy CEO, it said.
It’s just the latest shake-up at the top of Maaden, as the company, majority owned by the kingdom’s sovereign wealth fund, is known. Crown Prince Mohammed bin Salman wants the mining industry to be a key part of the country’s diversification from oil, and has said it has $1.3-trillion of metals and minerals so far untapped. Yet progress on developing new resources has been slow, even as commodity prices globally have soared.
Al-Harbi replaced Mosaed Ohali, who was named as CEO in 2020. He took over from former HSBC Holdings banker Darren Davies, who had been in the role since mid-2018.
Wilt, a management engineering grad from United States Military Academy at West Point, has held several executive positions in Alcoa, including executive vice president and president of global primary products, according to his LinkednIn page. Shortly after, he joined US-based aerospace firm Precision Castparts as CEO, which was followed by his latest role as CEO of Canadian-based Sofina Foods.
Still, investors have been undeterred by the frequent changes at the top of the company. Maaden’s stock fell -1.9% to 91.9 riyals at 11:42 a.m. on the Saudi bourse, though it has more than doubled over the past year.
Comments
The
functionality
you are trying to access is only available to subscribers.
If you are already a subscriber, you can Login Here.
If you are not a subscriber, you can subscribe now, by selecting one of the below options.
For more information or assistance, please contact us at subscriptions@creamermedia.co.za.
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation