In a significant leadership change, Saudi Cable Company has announced the elimination of its Chief Executive Officer (CEO) position as part of a broader restructuring effort. This decision comes as the company navigates financial difficulties under the bankruptcy system.

As a result of this restructuring, Fawaz bin Mubarak Al-Muqbel, who had been serving as CEO, will be stepping down. As the company made this move to reduce administrative roles in response to the current economic situation, Khalid bin Asaad Khashoggi, the current Managing Director, will now take on the additional responsibilities of the CEO role. 

Seeking resignation from Fawaz, the company explained, “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, have 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.”

Additionally, it stated, “Mr. Khalid bin Asaad Khashoggi has been assigned the duties and responsibilities of the CEO in addition to his current role as Managing Director.

The company expresses its gratitude to Mr. Fawaz bin Mubarak Al-Muqbel for his dedication during his tenure as CEO and wishes Mr. Khalid bin Asaad Khashoggi success in his new responsibilities."

In their announcement, the company expressed gratitude to Fawaz for his dedication and leadership during his tenure. They also extended best wishes to Khalid as he steps into his expanded role during this challenging period. 

The company had a leadership shake-up earlier this year in April, with Fawaz being appointed as CEO and Khashoggi taking on the role of Managing Director. Abdullah Alghabin stepped in as the new Chairman, following Sabri Alghamdi's resignation. Fawaz succeeded Nael Samir Fayez, who had served as Group CEO since February 2023 before transitioning to a role as Company Advisor.

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Fawaz brought a wealth of experience to his CEO position, having previously led Middle East Specialised Cables Co. (MESC) and Middle East Cable Company (Misk) as CEO. He also served as Chairman of National Industrial Company and General Manager of Steel Products Company. Academically, Fawaz is well-qualified, holding a bachelor's degree in industrial management and a master's degree in executive management from King Fahd University of Petroleum and Minerals.

The latest leadership change marks a pivotal moment for Saudi Cable Company as it works to stabilise its operations and chart a path forward.