Cenomi Retail CEO resigns, Sameer Jain takes helm

Sameer Jain, CEO of AFG International Co. (Cenomi Retail)

AFG International’s (Cenomi Retail) board of directors accepted today June 22, the resignation submitted by Salim Fakhouri from his position as CEO, at his own request, effective Oct. 31, coinciding with the expiry of his employment contract.

In a statement to Tadawul, the company said the board also appointed Sameer Jain as CEO, effective July 1, 2026.

The company noted that the appointment comes as it continues to execute its strategic priorities, enhance operational efficiency, and support business growth.

The move follows Al-Futtaim Retail Co.’s acquisition of a strategic 49.95% stake in the company in 2025, marking the start of a new phase, the statement added.

Jain has more than two decades of leadership experience across the retail, consumer goods, strategy, and organizational transformation sectors.

He most recently served as CEO of New Business and Home Centre Middle East at Landmark Group.

He also held several leadership and advisory roles at leading global firms, including McKinsey & Co., A.T. Kearney, and Ernst & Young, the company added.

According to Argaam’s data, Cenomi Retail’s board of directors, August 2024, appointed Fakhouri as CEO, after he had been named as acting CEO in March 2024. Fakhouri served as CEO of the fashion segment at Cenomi Retail since November 2021.

On May 20, the Capital Market Authority (CMA) referred 17 suspects to the Public Prosecution, including former and current board members of AFG International Co. (Cenomi Retail), a CEO, and several financial managers in the company, as well as members of the audit team at its former auditor.

The referral is due to suspected violations of the Capital Market Law and the Market Conduct Regulations, as well as suspected breaches of the Companies Law by certain board members and the acting CEO.