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Takween Advanced Industries Announces CEO Resignation and Acting CEO Appointment
On June 14, Takween Advanced Industries Co. (TAI) announced that its board of directors had accepted the resignation of Chief Executive Officer Majed Nofal, effective June 30. The same day, the board named Marwan Jreige as Acting CEO, a role that will commence on July 1. The decision was released in a statement to the Saudi Stock Exchange (Tadawul) and later confirmed on the company’s investor‑relations portal.
TAI, a Riyadh‑based manufacturer listed on Tadawul, specializes in packaging and advanced industrial products. Since its founding in 2015, the company has built a network of plants that produce both rigid and flexible packaging solutions for the food, pharmaceutical, and consumer goods sectors. A pivotal moment in its history came in 2015 when TAI rebranded its Savola Packaging subsidiary as Saudi Plastic Packaging Systems Co. (SPPS), positioning the firm as one of the Middle East’s largest converters of rigid plastics.
Majed Nofal stepped into the CEO role in 2022, steering TAI’s expansion into new markets and overseeing the integration of SPPS. The board’s decision to accept his resignation followed a formal submission from Nofal, and no public explanation for his departure has been issued.
Marwan Jreige, who will serve as Acting CEO, brings more than a decade of executive experience across finance and operations in the packaging, manufacturing, and food industries throughout the Middle East. He holds a Bachelor of Business Administration, an MBA from the University of Kaslik, and a Master of Science in Finance from ESA Business School and SDA Bocconi School of Management (2024). Since 2023, Jreige has been the General Manager of SPPS, where he has overseen production, supply‑chain management, and commercial strategy. Prior to that, he held senior leadership and finance positions in regional industrial firms and served in multiple executive roles at TAI, including CEO, CFO, and head of operating business units.
The appointment of Jreige as Acting CEO is intended to ensure continuity while the board conducts a search for a permanent replacement. TAI reiterated its commitment to its strategic objectives, which include expanding its product portfolio and strengthening its position in the Gulf market. The company confirmed that no immediate changes to its operational plans or financial guidance would occur.
As of the announcement, TAI’s shares continue to trade on Tadawul under the ticker TAI. The company will monitor market reactions and is prepared to provide further updates on its leadership search and any potential adjustments to its corporate strategy in the coming weeks.
TAI, a Riyadh‑based manufacturer listed on Tadawul, specializes in packaging and advanced industrial products. Since its founding in 2015, the company has built a network of plants that produce both rigid and flexible packaging solutions for the food, pharmaceutical, and consumer goods sectors. A pivotal moment in its history came in 2015 when TAI rebranded its Savola Packaging subsidiary as Saudi Plastic Packaging Systems Co. (SPPS), positioning the firm as one of the Middle East’s largest converters of rigid plastics.
Majed Nofal stepped into the CEO role in 2022, steering TAI’s expansion into new markets and overseeing the integration of SPPS. The board’s decision to accept his resignation followed a formal submission from Nofal, and no public explanation for his departure has been issued.
Marwan Jreige, who will serve as Acting CEO, brings more than a decade of executive experience across finance and operations in the packaging, manufacturing, and food industries throughout the Middle East. He holds a Bachelor of Business Administration, an MBA from the University of Kaslik, and a Master of Science in Finance from ESA Business School and SDA Bocconi School of Management (2024). Since 2023, Jreige has been the General Manager of SPPS, where he has overseen production, supply‑chain management, and commercial strategy. Prior to that, he held senior leadership and finance positions in regional industrial firms and served in multiple executive roles at TAI, including CEO, CFO, and head of operating business units.
The appointment of Jreige as Acting CEO is intended to ensure continuity while the board conducts a search for a permanent replacement. TAI reiterated its commitment to its strategic objectives, which include expanding its product portfolio and strengthening its position in the Gulf market. The company confirmed that no immediate changes to its operational plans or financial guidance would occur.
As of the announcement, TAI’s shares continue to trade on Tadawul under the ticker TAI. The company will monitor market reactions and is prepared to provide further updates on its leadership search and any potential adjustments to its corporate strategy in the coming weeks.
