Top Saudi Binladin executives leave amid $15bn debt revamp

Top Saudi Binladin executives leave amid $15bn debt revamp

Saudi Binladin Group lost two more senior executives, including the head of its biggest business, as the Saudi Arabian construction giant grapples with a crushing debt load of about $15bn.

Majid Al Harthy resigned as chief executive officer of the Jeddah-based company's construction division and was replaced by Abdulrahman Bajunaid on August 19, according to an internal announcement seen by Bloomberg.

Bajunaid is experienced in financial restructuring, having held senior positions in banking and other private-sector businesses, the memorandum said, without giving reasons for why Al Harthy quit.

The CEO's exit follows the resignation earlier this month of Saad Bin Laden, the vice chairman of its parent, Binladin International Holding Group, people familiar with the situation said.

The holding company also appointed Ahmed Al Sanea as acting managing director, they