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Midroc splits leadership, restructure

Midroc splits leadership, restructure

Midroc Technology Group, owned by Sheik Mohammed Alamoudi, an Ethiopian-born Saudi Business Tycoon, has decided to implement a new, restructured governance system, splitting the leadership into four major administrative scopes and Chief Executive Officers (CEOs), The Reporter has learnt.

In an announcement made on Wednesday, after a closed-door discussion among the senior leadership, dozens of companies under the umbrella of Midroc Technology Group were given an orientation on how the Group will be rearranged into four major subdivisions, going forward.

Under the new arrangement, Sheik Mohammed Alamoudi, Chairman of Midroc Technology Group, has authorized Jemal Ahmed, who used to lead the agriculture segment of the Group, to serve as CEO to at least 21 out of the 30 companies.

In general, Jemal is responsible for the Agriculture, Manufacturing, Commerce and Mining sectors, which have larger operations and huge revenue streams out of all the companies falling under the Midroc Group.

Under Jemal, four deputy CEOs have been assigned. Bekele Bulado (PhD), former Minister of Trade, is now operational head of the Commerce wing of Midroc Group. Esayas Kebede, former director at the Ministry of Agriculture, is tasked with leading the Agriculture and Agro-processing segment. Parallel to Jemal, Abinet Gebremeskel, will lead dozens of companies including Sheraton Addis Hotel and he will have three deputies. Haile Assegede, on the other hand, is assigned for Midroc Cement and United Auto companies. Dereje YesusWork is tasked to lead National Tourist Organization (NTO).

The chairman has bestowed his daughter, Rami Alamoudi (PhD), to run the Group on his behalf in case of his absence. Little is known about the family status of the Sheik and the appointment of his daughter as his immediate subordinate, is an unexpected move. For years, Arega Yirdaw (PhD) was the lone CEO of Midroc Technology Group until his sudden resignation was announced back in April.

It is to be recalled that, back in 2017, the Saudi citizen, Alamoudi was among the detained royal families of the Kingdom of Saudi Arabia upon the orders of the Crown Prince Mohammad Bin Salman. The imprisonment was part of the “royal anti-corruption” measure. Alamoudi was freed last year, nearly after 14 months in detention. However, it is not yet well-known that he can leave Saudi Arabia.