Top CEO Departures of 2024
Chief Executive Officers (CEOs) are more than just decision-makers; they are the heartbeat of an organisation, shaping its vision, culture, and its people that drive success. Their leadership takes organisations through challenges and opportunities, leaving a lasting impact on both strategies and teams.
What happens when CEOs resign?
When a CEO steps down, it can bring noticeable changes to the company. Here are five key things that usually happen:
- Leadership transition happens as someone else, either an interim leader or a new CEO, steps in to keep things on track and guide the company forward.
- The company’s plans might shift—some projects may pause, change, or get a fresh perspective depending on the new leadership.
- The team might feel uncertain or anxious, especially if the CEO had a big influence on the company’s culture and day-to-day energy.
- CEO resignations can raise questions about the company’s future, impacting investor confidence and relationships with key partners.
- The company needs to communicate carefully to ensure people see the resignation as part of growth or change, not a sign of trouble.
It’s a big change, but with the right steps, it can also be an opportunity for new growth and direction.
CEOs who stepped down in 2024
Here are the notable CEO exits from the Middle East region in the last few months.
Faisal Saad Abdullah Albedah
Faisal Saad Abdullah Albedah stepped down as the Managing Director and CEO of SAL Saudi Logistics Services. Renowned for his visionary leadership, Faisal holds a wealth of experience in transportation, logistics, and trade facilitation to the company. He has been named among Middle East’s most powerful CEOs by Forbes for driving transformation across Saudi Arabia’s logistics sector, leaving behind a legacy of innovation and progress.
Before joining SAL, he held pivotal roles, including Secretary-General and CEO of the Saudi Export Development Authority, along with senior positions at the Ministry of Transport and Saudi Customs. A distinguished professional, Faisal holds an MBA from Prince Sultan University, a bachelor’s in accounting from King Saud University, and certifications from INSEAD and IMD.
Khalid Albdah
Khalid Albdah stepped down as Goldman Sachs’s Managing Director and CEO in Saudi Arabia.
He served the firm since 2013 as Head of Asset Management, and swiftly rose through the ranks, becoming CEO for Saudi Arabia in 2015. In 2020, he took on a broader role as MD & Co-Head of GSAM Institutional Client Business for MENA & New Markets before returning to his current position.
With prior experience at the Capital Market Authority, Al Rajhi Capital, and The Saudi Capital Committee, Khalid has been a key figure in Saudi Arabia’s financial sector. He also contributes as a member of AlTamayyuz Academy and holds an impressive academic background with an MBA in Finance from Johnson & Wales University and further studies at King Saud University and the University of Washington.
Vince Cook
Vince Cook stepped down as the CEO of the National Bank of Fujairah (NBF) after 14 years of transformative leadership, marking a significant transition for the bank.
In a statement, the board praised his contributions: “Vince Cook has been an integral part of NBF's growth and success over the past 14 years. Under his leadership, the bank has undergone a digital transformation, expanded its SME banking, trade finance, and Islamic finance offerings, and advanced a robust ESG strategy, all while delivering strong financial performance despite global economic challenges.”
Vince’s leadership left a lasting impact, shaping NBF’s journey of innovation and resilience.
Abdulrahman Saad AlJadhai
Abdulrahman Saad AlJadhai announced his decision to step down as CEO of Elm Company, a leading IT solutions provider in Saudi Arabia, citing personal reasons.
The Board of Directors and employees expressed their gratitude for his 12 years of leadership, stating, “All employees of the company extend their appreciation to Dr. Abdulrahman for leading the company over 12 years and for his fruitful efforts in growing the company’s business. His great services and distinguished leadership are appreciated, and they wish him all success.”
Dr. Abdulrahman’s tenure leaves behind a legacy of innovation and growth, marking a significant chapter in Elm’s journey.
Martin Helweg
Martin Helweg stepped down as CEO of DP World-owned maritime transportation unit – P&O Maritime Logistics. Appointed CEO in 2020, Martin served the Dubai-based logistics company for nearly eight years. While the exact reason for his departure remains unclear, he shared on LinkedIn, "After some incredible years as CEO at P&O Maritime Logistics, it is time for me to step aside and move towards new opportunities. My time at P&O has been filled with numerous highlights, and I am particularly proud of our team's resilience. Despite the challenges in the world and our industry, we have consistently delivered beyond expectations, surpassing our targets every year without fail.”
Martin left behind a legacy of strong leadership and exceptional performance, navigating the company through global and industry challenges.
Raed Hassan Al-Idrisi
Raed bin Hassan Al-Idrissi stepped down as CEO of Saudi Ground Services Company after more than five years of dedicated service. He first joined the company in 2019 as Vice President of Operations, later being promoted to CEO in 2021.
In a statement, the Board of Directors expressed their gratitude, “The Board of Directors extends its thanks and appreciation to Mr. Raed bin Hassan Al-Idrissi for his efforts during the period he spent serving the company since joining in 2019, and wishes him continued success and achievement.”
Raed’s leadership has played a key role in the company’s growth and success, leaving a lasting impact on Saudi Ground Services.
Eng. Alaa Ahmed Abdul Majeed Ameen
Eng. Alaa Ameen resigned as CEO of Arabian International Healthcare Holding Company (Tibbiyah) after nearly five years in the role, citing personal reasons.
The company expressed its sincere appreciation for Alaa’s contributions, stating, “…the Board of Directors expressed its sincere gratitude and appreciation to Engineer Alaa Ameen for his efforts during his period as Tibbiyah CEO, and wished him all the success in his future endeavors.”
Alaa’s leadership played an integral role in the company’s growth, and his departure marks a significant transition for Tibbiyah.
Fawaz bin Mubarak Al-Muqbel
Fawaz bin Mubarak Al-Muqbel stepped down as CEO of Saudi Cable Company following the elimination of the Chief Executive Officer role. The decision was part of the company’s restructuring efforts amid financial challenges under the bankruptcy system.
Explaining the move, the company stated, “The executive management structure has been cancelled by eliminating the position of Chief Executive Officer. The services of the CEO, Mr. Fawaz bin Mubarak Al-Muqbel, has been terminated in accordance with Article (77) of the Labor Law due to the reduction of the company's administrative positions in light of the current situation as the company is subject to the bankruptcy system.”
This restructuring marks a pivotal step in the company’s efforts to streamline operations and address ongoing economic pressures.
Sami Ali Al Safran
Sami Ali Al Safran resigned as the CEO of Middle East Paper Company after more than 20 years of dedicated leadership.
In a statement, the company expressed gratitude for his remarkable contributions: “The Board of Directors of Middle East Paper Co. extends its sincere thanks and appreciation to Eng. Sami Ali Al Safran for his efforts during his tenure in the company over twenty years, wishing him success on both the career and personal levels.”
Sami’s two decades at the helm have been pivotal in shaping MEPCO’s growth and success, marking the end of an era for the company.
Loai Fadel Muqames
Loai Fadel Muqames stepped down as CEO of Al Ahli Bank, Kuwait’s leading financial institution, after nearly four years at the helm. While the reason for his resignation remains undisclosed, Loai’s impact on Kuwait’s banking sector is undeniable, as conveyed by the bank’s management board.
His previous career milestones include, his role as the CEO of Kuwait International Bank, where he played a key role in advancing Kuwait's national development plan, contributing to major projects across infrastructure, oil and gas, energy, and real estate. His leadership legacy continues to inspire in the world of finance and beyond.
Ibrahim bin Mohamed Alalwan
Ibrahim bin Mohamed Alalwan stepped down as CEO and Managing Director of Al-Akaria, Saudi Arabia's prominent real estate company, after five years of dedicated service. Citing personal reasons for his exit, Alalwan last served the company until July 2024.
The Board of Directors extended their heartfelt gratitude to Alalwan for his remarkable contributions and leadership, which played a pivotal role in the company's success. They wished him ongoing success in his personal and professional endeavors, marking the end of a respected chapter in Al-Akaria’s history.
Colm McLoughlin
Colm McLoughlin’s remarkable journey with Dubai Duty Free (DDF) ended after four decades of visionary leadership. Starting as General Manager in 1983, Colm played a pivotal role in transforming DDF into the world’s largest duty-free retailer. His leadership expanded DDF’s reach, overseeing iconic subsidiaries like The Irish Village, Century Village, the Dubai Duty Free Tennis Stadium, and the Jumeirah Creekside Hotel.
In 2011, he transitioned to Managing Director, later serving as Executive Vice Chairman & CEO. Though retired, Colm remains deeply connected to DDF, attending company-backed sports events and continuing his work as an advisor and Chairman of the DDF Foundation - a true legacy of excellence and inspiration.
When CEOs exit, the main concern is not just about finding a new leader but also managing how this shift affects every part of the organisation. While it impacts the business’s direction and workplace culture, it also influences relationships with employees, partners, and key clients. At this point, it is crucial for the organisation to handle the transition in a way that shapes its future positively.