Saudi petrochemical group Sabic (Riyadh; www.sabic.com) has appointed Abdulrahman Al-Fageeh chief executive officer and executive member of the board, effective 21 March 2023. He took over as acting CEO in September 2022 when predecessor Yousef Al-Benyan stepped down to become Saudi Minister of Education.

Al-Fageeh has been with Sabic for 35 years, heading the group’s largest segment, petrochemicals, since 2016. He also chairs various industry associations and supervisory boards of Sabic subsidiaries. The Saudi group did not provide information on Al-Fageeh’s age or education.

Related: Sabic plans chemical recycling with Synova, Technip

In separate news, the Saudi company announced joining the Value Balancing Alliance (VBA, Frankfurt, Germany; www.value-balancing.com), a non-profit organisation working to develop a methodology for measuring the value companies provide to society, the economy, and the environment.

The Saudi firm said that while integrating environmental, social, and governance (ESG) considerations are already a crucial component of Sabic’s sustainability strategy, joining the VBA will enable the company to accelerate its efforts in collaboration with others across the industry and beyond.

The alliance is said to include than 25 international companies across multiple industries and sectors. The group plans to use the methodology in day-to-day applications to test its feasibility, scalability, comparability, and connectivity to existing systems.