Al Gassim Investment Holding Co.’s (GACO) board of directors terminated the company’s chief executive officer and managing director, Abdullah Bin Ibrahim Almhaos, effective May 12, 2020.
The decision served the company’s interest, GACO said in a bourse statement, indicating that Almhaos will remain a board member.
Meanwhile, the board named the company’s chief financial officer, Ahmed Moustafa El Shorbagy, as acting CEO and managing director, starting today May 13, 2020 until appointing a new CEO within a month.
El Shorbagy has been the company’s CFO since 2001 and has over 25 years’ experience with GACO, the statement added.
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