Saudi food group Almarai appoints new chief executive officer

SAUDI ARABIA – Almaria Company, the Gulf’s leading dairy company based in Saudi Arabia has appointed Mr. Majed Mazen Nofal as its Chief Executive Officer, effective 1st January 2020.

As part of the company’s succession plans, the current acting CEO Mr. Georges P. Schorderet will handover to Majed Nofal on 31st December 2019 and continue to serve as an Advisor to the Board of Directors.

Schorderet took over the position on July this year following the resignation of former CEO Mr. Alois Hofbauer, who according to the company stepped down due to personal reasons.

During his term in office, Schorderet was assisted by Mr. Majed Mazen Nofal as the Deputy CEO.

Mr. Majed has a longstanding experience serving the company for 12 years in various positions. Prior to his appointment as deputy CEO, he served as the company’s Chief Financial Officer, a position he assumed in April 2019.

Before joining the company, Mr. Majed started his career at Ernst & Young in Riyadh in 1992 and served in Audit and Assurance services for nine years, then he joined Western Bakeries Co. (L’usine) in Jeddah as CFO for seven years.

Subsequent to the Almarai acquisition of Western Bakeries Co. he was appointed as CEO and served for approximately four years.

In 2010 he was appointed as Head of Central Procurement for Almarai Company and served in that capacity for seven years until his appointment as General Manager – New Businesses.

He later transitioned as the company’s CFO in April 2019. Almarai appointed Mr. Paul GAY as to replace Mr. Majed as CFO.

Mr. Majed holds a Bachelorette Degree in Business and Economics – Major Accounting from King Saud University, and completed several Post-Graduate management programs in INSEAD and IMD Business School.

According to the company’s Board these recent changes in Almarai leadership executive management positions will ensure continuity while paving the way for its future strategy.

Almarai’s Board recently approved a five-year business plan for the period 2020 – 2024 to enable the company to face the future challenges and meet its long-term ambition.

During the five-year period, the company plans to invest approximately US$2 billion, in line with the long-term investment cycle of the company calling for less expansionary investments and a focus towards more efficiency and sustainability.