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The chief executive officer of Saudi Arabia’s largest fast-food chain Herfy Food Services has quit his post, the company said on Monday.
In a statement to the Saudi Stock Exchange (Tadawul), the company said its board of directors had accepted the resignation of Ahmad Hamad ALsaid “due to lack of harmony in vision”.
“The board of directors express their sincere appreciation and gratitude to [ALsaid] for his efforts during his tenure as [CEO] and managing director of the company from many years since the establishment of the company,” the statement said.
The company has recently expanded its presence outside the Gulf Cooperation Council (GCC) region with the opening of its fifth restaurant in Bangladesh this year.
Herfy’s net profit for 2020 fell 73 percent to 53.6 million ($14.2 million). Net profit for the first quarter of 2021 went up slightly to 25.5 million riyals from 25.2 million riyals a year earlier, on the back of higher sales and lower finance cost
(Writing by Cleofe Maceda; editing by Seban Scaria)
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© ZAWYA 2021
