SABIC CEO Abdulrahman Al-Fageeh retires, Faisal Al-Faqeer takes helm

Ibrahim Al-Buainain named as board member, succeeding Al-Faqih, effective April 1.

Saudi Basic Industries Corporation’s (SABIC) board of directors approved the retirement of CEO, Abdulrahman Al-Fageeh, effective from March 31.

In a statement to Tadawul, the company said Al-Fageeh has been an instrumental figure in guiding the company through a crucial period of strategic optimization designed to ensure its long-term success and reinforce its role at the forefront of the global petrochemical industry.

The board acknowledge his outstanding leadership during a significant period of evolution for the company, he oversaw key strategic initiatives that have strongly positioned the company for its next phase of development.

Meanwhile, the board appointed Faisal Al-Faqeer as CEO effective April 1.

Al-Faqeer holds extensive experience in petrochemicals and refining industries. He is currently the Senior Vice President of Liquids to Chemicals in Saudi Aramco. He earned a master’s degree and Ph.D. in materials science & engineering from the Pennsylvania State University, as well as a bachelor’s degree in chemical engineering from King Fahad University of Petroleum and Minerals, the statement added.

In a separate statement, SABIC announced the appointment of Ibrahim Al-Buainain as a board member, succeeding Al-Faqih, effective April 1.

Al-Buainain joined Saudi Aramco in 1989 and was appointed Executive Vice President of Global Manufacturing effective Sept. 1, 2023.

He previously served as Senior Vice President of Sales, Trading and Supply Planning starting in February 2022, overseeing the company’s global crude oil and LPG trading and marketing activities, in addition to managing its hydrocarbon supply planning network, including domestic sales of refined products and feedstock.

Al-Buainain currently serves as Chairman of Luberef and sits on the boards of several Aramco subsidiaries and joint ventures.

He holds a bachelor’s degree in mechanical engineering, an MBA in Global Management, and a master’s degree in Innovation and Global Leadership from Massachusetts Institute of Technology (MIT).

The company noted that the board’s approval of the appointment is not final and will be submitted to the first General Assembly meeting for formal ratification.