Saudi Basic Industries Corp (Sabic) said on Sunday it has named Yousef Abdullah Al-Benyan as its new chief executive officer, replacing outgoing head Mohamed Al-Mady.

Al-Benyan was named executive vice president of corporate finance for Sabic last month, replacing Mutlaq Al-Morished who joined National Industrialization Co (Tasnee) as its CEO in December.

New Saudi King Salman appointed Al-Mady as the president of the country's military industries corporation, a royal decree published on the state news agency SPA said on Saturday.

Al-Mady has been working at Sabic, one of the world's largest petrochemicals companies, since 1976. - Reuters