Riyadh – MUBASHER: The Red Sea Global Company announced on August 28, 2026, that its Board of Directors has accepted the resignation of Hani bin Othman Ba’ithman from the position of Group CEO. Ghassan bin Nabil Naseef will assume the role of Chief Executive Officer effective immediately.
Transition and Continuity
In a statement released today on “Tadawul”, the company confirmed that while Ba’ithman steps down as CEO, he will continue to serve as Executive Vice President, overseeing several strategic priorities, projects, and executive initiatives, including a capital increase plan.
Rationale Behind Resignation
Ba’ithman’s resignation follows the completion of various tasks associated with the company’s restructuring efforts. These initiatives included reducing activities in unprofitable international markets and refocusing on core operations within the oil and gas sector in the Kingdom, as well as supervising the capital increase process.
Transition Period and Leadership Experience
Ba’ithman will fulfill a three-month notice period, during which time key responsibilities and tasks will be transitioned to the new CEO, ensuring business continuity.
Ghassan Naseef brings over 25 years of experience in corporate banking, investment, financial consultancy, restructuring, and business development. He has held several leadership positions, including Managing Director at Teneo in the Kingdom, Business Development Manager at Suwaikcorp, and Head of International Corporate Banking at Emirates Islamic Bank. His pedigree also includes roles at Saudi Holland Bank, National Commercial Bank, Bank Albilad, Saudi British Bank, and Banque Saudi Fransi.
Educational Background
Naseef is the founder of GNN Financial Advisory, which specialises in financial consultancy, restructuring, and mergers and acquisitions. He holds a Bachelor’s degree in Electrical Engineering from King Fahd University of Petroleum and Minerals, accompanied by various professional certifications and courses in finance, leadership, and restructuring.