Saudi National Bank Chairman Resigns Following Credit Suisse Loss and Investor Backlash.
The chairman of Saudi National Bank, Ammar Al Khudairy, has resigned for personal reasons less than two weeks after his comments contributed to Credit Suisse's demise. The Saudi bank had taken a loss of more than $1 billion on its stake of almost 9.9% in Credit Suisse. CEO Saeed Mohammed Al Ghamdi will take over as chairman from Al Khudairy, and Deputy CEO Talal Ahmed Al Khereiji takes over as acting chief executive. The leadership changes are effective March 27.