Riyadh Steel Company has announced the resignation of Ahmed bin Abdulkarim Al-Nafea as Chief Executive Officer.

Ahmed, who joined the company in 2020, has decided to step down without providing a reason. The company informed the exchange board, stating: “The Board of Directors has approved the acceptance of the resignation of the CEO, Mr. Ahmed bin Abdulkarim Al-Nafea, by circulation. His last working day will be on 31/12/2024. The members of the Board of Directors express their sincere gratitude and appreciation for Mr. Ahmed bin Abdulkarim Al-Nafea’s contributions to the company during his tenure and wish him continued success in his future endeavours.”

Ahmed has not disclosed his next role as of now. He has over 15 years of leadership experience. Before joining Riyadh Steel Co, he worked with Maan Aljasser & Co as Group CEO, the IMA Riyadh Chapter as Director, and held analyst and consulting roles with Hitachi Consulting, Merrill Lynch, and Himmah Capital. He also delivered lectures at Prince Sultan University, Alfaisal University, The Institute of Finance (IoF), and Albers School of Business & Economics, Seattle University, for a brief period.

Ahmed’s academic credentials include an MBA in Accounting and a BA in Business Administration, Accounting, Entrepreneurship, and Innovation from Seattle University. He also holds several certifications in Investor Relations, the 2030 Leaders Program, Innovation and Entrepreneurship, exchange reporting, predictive analysis, visualisation, and strategy and competitive analysis.

Ahmed becomes one of the top CEOs in the Middle East to step down in 2024.

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The company also announced the appointment of Abdullah Radhwan Ali as acting CEO to take over Ahmed’s role and responsibilities. The company stated: “The Board of Directors has decided, by circulation, to appoint Mr. Abdullah Radhwan Ali as Acting CEO, with his first working day being 31/12/2024. Engineer Abdullah Radhwan Ali holds a Bachelor’s degree in Engineering Management in Manufacturing and Production from Prince Sultan University, graduating in 2018. He has over 7 years of professional experience across various industrial sectors. He began his career in supply chain management and has worked in the management of development and strategic projects, contributing to the development and enhancement of processes and performance in the companies he has worked in.”