HSBC Middle East CEO Joins Saudi Government After Shakeup - Bloomberg:
"Saudi Arabia named HSBC Holdings Plc Middle East and North Africa Chief Executive Officer Mohammad Al Tuwaijri deputy minister of economy and planning as part of a government shakeup that also ushered in a new central banker and oil minister.
Al Tuwaijri, regional CEO of the London-based bank since October 2013, takes on the role immediately and reports to economy and planning minister Adel Fakeih. Robin Jones, previously deputy CEO in MENA, will become interim CEO and a permanent replacement will be announced "in due course," HSBC spokesman Paul Harris said by phone on Sunday.
While Saudi-national Al Tuwaijri’s appointment forms part of a wider reshuffle in the kingdom, he joins a growing number of bankers taking senior government roles as OPEC’s top producer reboots its economy. Mohammed Al Jadaan, head of the country’s Capital Markets Authority, was a special adviser to Morgan Stanley’s board in Saudi Arabia, while Yasir Al Rumayyan, former chief executive officer at Credit Agricole-backed Saudi Fransi Capital, recently became head of Saudi Arabia’s Public Investment Fund."
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