Morgan Stanley’s chief executive in Saudi Arabia, Gabriel Aractingi, is leaving the bank after three years in the role, while chairman Richard Debs will step down and continue as an advisory director, according to internal memos seen by Bloomberg.
Aractingi, who joined the lender in Dubai in 2010 and became head of the bank’s Saudi Arabia operations in 2013, plans to pursue other opportunities, the memo said. A bank spokesman confirmed its contents.
Tiernan O’Rourke, head of equity sales and trading in the Middle East and North Africa, will become acting CEO of Morgan Stanley Saudi Arabia, subject to regulatory approval, according to the memo. O’Rourke has led the bank’s equities business in the kingdom since 2011.
The bank also appointed Ammar Al-Khudairy as chairman of Morgan Stanley Saudi Arabia, succeeding Debs, who held the role since 2012, according to a separate memo also confirmed by the spokesman. Al-Khudairy was a founding director of the business and vice chairman of the board since 2012, according to the memo. Al-Khudairy is also the founding partner and chairman of private equity firm Amwal Al Khaleej.
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