Tihama fires CEO; Hints at legal actions for violations
Tihama Advertising, Public Relations and Marketing Company has announced the immediate dismissal of Abdulaziz Najib Al-Suwailem as CEO.
In a company filing on the Saudi Exchange, Tihama stated that the Board of Directors approved the decision to remove Al-Suwailem as CEO and authorised the Chairman of the Board to initiate legal proceedings for any violations committed during his tenure. The company detailed the decision, stating:
“...the Board of Directors' Decision No. (65) dated 03-05-1446 AH corresponding to 05-11-2024, where the Board of Directors decided the following:
1. Approval of the dismissal of CEO Mr. Abdulaziz Najib Al-Suwailem from his position, while the company retains the legal right to monitor all violations and take appropriate action in this regard, announcing it in due course.
2. Authorising the Chairman of the Board to file any lawsuit against Mr. Abdulaziz Najib Al-Suwailem, with the right to delegate others to do so. This decision shall be effective from its date.”
Details of the alleged violations have not been disclosed. In May 2024, Al-Suwailem resigned as an executive board member and Managing Director, citing personal reasons, though he continued as CEO. At that time, Tihama acknowledged his contributions, particularly in helping the company avoid bankruptcy by coordinating capital-raising efforts with legislative bodies, advisory and financing entities, and shareholders.
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Al-Suwailem was appointed as Managing Director and CEO of Tihama in 2023. The company has experienced a series of internal changes in recent months, with multiple resignations and appointments to its board.