Alinma Bank has announced the resignation of CEO and Managing Director, Mr. Abdulmohsen Al-Fares, and the appointment of Mr. Abdullah Al-Khalifa as his replacement. The resignation was accepted, upon Al-Fares’ request due to special circumstances, by the Alinma Bank Board of Directors during a meeting held on Sunday, 14 Rabi II, 1442 H, corresponding to November 29, 2020. The resignation will be effective as of January 3, 2021, after which Al-Fares will continue as a non-executive member of the bank's Board of Directors. As of the same date, Al-Khalifa will assume full responsibilities as Alinma’s new CEO and Managing Director. The foregoing received no objections from the Saudi Central Bank.
With his resignation, Al-Fares brings to a close a tenure with Alinma Bank that spanned 14 years, with him at the helm from the bank’s establishment until the present. During his time as CEO and Managing Director, he oversaw Alinma’s growth from infancy to its current position as a major financial institution that has been recognized for its excellence at the local, regional, and international levels.
On this occasion, members of the Alinma Bank Board of Directors expressed their gratitude and appreciation for Al-Fares’ many achievements and contributions to the bank.
Alinma Bank’s incoming CEO and Managing Director, Mr. Abdullah Al-Khalifa, brings with him extensive experience in the Saudi banking sector, having held leadership positions with Samba Financial Group, Al-Rajhi Bank, and Banque Saudi Fransi. Across his tenure at these institutions, he was directly responsible for numerous development and transformation programs. Al-Khalifa holds a master's degree in accounting from the University of Miami in the United States of America.