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Chief Strategy Officer Dennis Johnson, who had been in his role since 2018, has left, as well as the head of risk, Martin Botha, according to people with knowledge of the matter.
Vast wealth and the promise of dramatic change make for cautious optimism concerning Saudi Arabia, the chief executive…
0 Views | the publication reaches you by | Saudi Arabia TodayThe $320 billion sovereign wealth fund, run by Governor Yasir Al-Rumayyan and controlled by Crown Prince Mohammed bin Salman, has been building out its bench of global and local managers as it steps up deal-making in a bid to become the world’s biggest. The departures risk stymieing those efforts as Saudi Arabia is counting on its global investments to help wean the kingdom away from its dependence on oil.
Johnson is the fund’s second head of strategy to leave in two years. Eric Ebermeyer left in 2018, just weeks after joining. Botha was one of the fund’s first senior hires in 2016.
The PIF has expanded from having “40 employees in 2016 to nearly 700 today, with plans to expand to more than 1,000 by year end,” it said in a statement.
Staff turnover is “exceptionally low and is well below both industry and MENA region averages.”
Since late last year, the fund has hired “approximately 15 senior executives” who are “a mix of top-tier leaders from both Saudi Arabia and international business centers,” it said. Jerry Todd, former head of business development at Riyadh-based investment bank NCB Capital, was recruited in a senior role to help run its strategy.
Botha said he left for personal reasons, while Chehime and Johnson couldn’t be reached for comment.
The project for the design, engineering and procurement of the new 400,000m3/day Jubail II seawater reverse osmosis (SWRO)…
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The Arab states of the Persian Gulf are the seven Arab states which border the Persian Gulf, namely Bahrain, Iraq, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates (UAE).This excludes the non-Arab state of Iran. All of these nations except Iraq are part of the Gulf Cooperation Council (GCC).