Al Gassim Investment Holding Co.’s (GACO) board of directors approved, on June 10, extending the assignment of chief financial officer, Ahmed Moustafa El Shorbagy, to carry out the duties of the company’s CEO for two months.

 

The extension is effective from the end of the previous assignment on June 13, 2020, until August 13, 2020, the firm said in a bourse statement, indicating that El Shorbagy will manage the company’s affairs until the appointment of a new CEO.

 

El Shorbagy has been the company’s CFO since 2001 and has over 25 years’ experience with GACO, the statement added. According to data compiled by Argaam, GACO’s board of directors terminated the company’s CEO and managing director, Abdullah Bin Ibrahim Almhaos, from May 12, 2020.

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