Methanol Chemicals Co. (Chemanol) terminated the contract of CEO Sabri Abdullah Al-Ghamdi, effective May 15. Accordingly, his board membership status changed to non-executive, the company said in a statement to Tadawul.

Fares Al-Abbad, current Vice President of Manufacturing, was assigned Acting CEO. A new CEO is expected to assume position in July.

Al-Abbad has over 27 years of experience in the petrochemical industry and project development, 26 of which were spent at SABIC and its affiliate company, Petrokemya.

Al-Abbad holds a bachelor’s degree in Applied Chemical Engineering from King Fahd University of Petroleum and Minerals.