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Almarai CFO Resigns, Internal Successor Named with 2026 Handoff
Danko Maras steps down for family reasons after six years; Ikram UlHaque, a 20-year Almarai veteran and current Group CFO, takes over July 2026. The long lead time and internal promotion suggest financial continuity.
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Almarai Co. announced the resignation of Chief Financial Officer Danko Maras, effective July 1, 2026. Maras is stepping down for family reasons after a six-year tenure. The company simultaneously named Ikram UlHaque as his successor, also effective July 1, 2026.
The nearly one-year notice period is unusually long for a CFO departure. It signals a deliberate handover process rather than a sudden exit. Almarai, a major Saudi food producer with a significant market capitalization, typically maintains a conservative management approach. The extended transition suggests the board prioritized continuity. The CFO role at Almarai is central to managing supply chain finance, currency exposures, and capital expenditure programs across the Middle East’s largest integrated dairy operation.
Ikram UlHaque: From Group CFO to CFO After 20 Years at Almarai
UlHaque is not an outsider. He has spent around 20 years at Almarai, holding leadership roles across commercial, operational, and corporate functions. Most recently, he served as Group CFO. His promotion to CFO is a natural step. UlHaque holds an MBA from the University of Sydney and a bachelor’s in economics with an accounting specialization from Macquarie University. He is a member of the Chartered Accountants institutes in Australia and New Zealand. This internal elevation reduces the risk of strategic disruption. UlHaque already knows the company’s financial architecture, capital allocation priorities, and investor communication style. His deep institutional knowledge means he understands the seasonal and cyclical dynamics of the dairy and food business in the Gulf region.