Takween CEO Resigns, Marwan Jreige Appointed Acting CEO

Takween Advanced Industries CEO Majed Nofal resigned, the company said in a statement to Tadawul. The board accepted the resignation effective June 30. Marwan Jreige will take over as Acting CEO from July 1.

Jreige brings extensive executive experience in financial management and industrial operations. His background spans packaging and manufacturing across the Middle East. He holds a Bachelor's in Business Administration and an MBA from the University of Kaslik.

Jreige currently serves as General Manager of Saudi Plastic Packaging Systems Co., a role he has held since 2023. He has previously held CEO and CFO positions at Takween, and also led operating business units within the company. His familiarity with the firm's structure suggests a smooth transition.

The board's decision comes as Takween navigates a shifting industrial landscape in Saudi Arabia. The company, a major player in packaging and plastics, faces margin pressure from raw material costs and competition. Jreige's prior tenure as CEO and CFO gives him direct knowledge of the company's financial and operational challenges.

Nofal's resignation did not include a reason in the statement. The company did not announce a permanent replacement timeline. Jreige will serve as Acting CEO until the board appoints a successor.