The founder of Saudi Arabia's Al Tayyar Travel Group will resign as vice-chairman and managing director from September 1, the company said on Sunday.

Nasser bin Aqeel al-Tayyar opened his first travel agency in 1980, and the firm has since grown to more than 430 branches in the kingdom and abroad, according to the company's website.

Al-Tayyar will remain a board member, according to the bourse statement announcing the move, which did not elaborate on his future role.

Chief executive Abdullah bin Nasser al-Dawood will take up the managing director role as of September 1, adding to his current position, the company said. - Reuters