Saudia catering unit CEO to step down
The CEO of Saudi Airlines Catering Company is stepping down, weeks after the firm's $354.09m initial public offering.
Christophe Parent will terminate his contract early due to "personal reasons" after almost five years in charge of the company.
"He has spent nearly five years as the CEO and worked on developing and restructuring the company," said a statement to the Saudi bourse on Saturday.
His contract had been up for renewal in October, the statement said, adding that the search for a new CEO would start immediately.
The company also announced plans to set up a new unit called SAC Services to provide catering services to offices and residential complexes as well as work locations in remote sites in the Gulf kingdom.
The catering company is one of six units of Saudi Arabian Airlines which started a process of privatisation in 2006. Other units include cargo, maintenance, airlines, flight academy and ground handling.
It plans to privatise each unit and offer shares in them to the public.