Saudi Arabia replaces chairman of Saudi Aramco
Khalid al-Falih, energy minister and chairman since 2015, will leave the post as the company prepares for the blockbuster IPO.
Saudi Arabia has removed its energy minister as chairman of Saudi Aramco and replaced him with Yasir al-Rumayyan, head of the country’s sovereign wealth fund ahead of the planned IPO.
Al-Rumayyan, a known ally of Crown Prince Mohammed Bin Salman, was appointed a member of the Company’s Board of Directors in 2016 and is currently the Governor of the Public Investment Fund.
The flotation of Saudi Aramco is at the heart of plans economic reforms of the current government.
With many ways of delivering value from a barrel of oil, Saudi Aramco has moved beyond traditional markets and uses for oil and gas.
