The board of directors of Savola Group has accepted the resignation of Muwaffaq Mansour Jamal, chief executive office of Panda Retail Co., effective immediately.
The board also appointed Rayan Mohammed Fayez as acting CEO of Panda, a 91 percent owned subsidiary of Savola, the company said in a statement to Saudi bourse, Tadawul.
Fayez is also the CEO of Savola Group. Earlier he was the managing director and CEO of J.P Morgan Bank in Saudi Arabia.
Panda, one of the largest retailers in the Middle East, forms the retail division of the Savola Group.
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