Saudi Arabia's top dairy producer Almarai has named Alois Hofbauer as the new chief executive officer in place of Georges P. Schorderet from April 2019.
Schorderet, who has been the CEO for past 15 years, decided to take retirement during H1 2019. His resignation was accepted by the board of directors on Oct.1, the company said in a bourse filing on Thursday.
Hofbauer will join on Jan.1 2019, but Schorderet will continue in his role as CEO until April, providing direction and support to the business and ensuring a smooth transition process, the statement noted.
Over the last 25 years, Hofbauer has held many senior positions with Swiss food giant Nestlé.
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