Finance chief who steered Saudi Aramco through IPO to step down

Saudi Aramco is set to name Ziad Al-Murshed as chief financial officer, replacing Khalid al-Dabbagh, who helped lead the oil giant through its 2019 initial public offering, according to people familiar with the matter.

Al-Dabbagh, 59, will join the company’s board and retain the chairmanship of Aramco’s chemicals subsidiary, Saudi Basic Industries Corp., said the people, who asked not to be identified. Al-Murshed, currently Aramco’s vice president for fuels and lubricants and previously vice president for International Operations, will initially become acting CFO, they said.

Aramco could announce the move this week, according to the people. Aramco declined to comment, adding that any senior management changes would be announced “at the appropriate time.” SABIC, as the chemicals firm is known, didn’t immediately respond to requests for comment.

The IPO and Aramco’s debut international bond issuance shortly beforehand were a key part of the kingdom’s plans to open up the economy to foreign investors.

Al-Dabbagh, who has been in the role as senior vice president of finance, strategy and development since 2018, was at the forefront of the roadshow for the listing on Riyadh’s bourse. The $29bn IPO was the largest ever, though the company failed to hit the $2 trillion valuation that Crown Prince Mohammed bin Salman had hoped for.

Al-Murshed first joined Aramco in 1991 and has previously overseen international operations and acquisitions for the company, based in Dhahran in eastern Saudi Arabia. A chemical engineer by training, he is also on the board of Sabic.

Aramco last reshuffled its top management team in August when it created a new corporate development unit led by senior vice president Abdulaziz Al Gudaimi to focus on “portfolio optimisation.” Since then firm has raised $12.4bn from selling a stake in its oil pipeline unit, and is also planning to sell a stake in its gas pipelines business next, people familiar with the situation told Bloomberg.