Saudi Arabia has named Yasir al-Rumayyan, head of the kingdom’s sovereign wealth fund, known as the PIF, as chairman of state oil giant Aramco, replacing Energy Minister Khalid al-Falih, Bloomberg reported on Monday, citing an unnamed Saudi official.
Rumayyan, a former investment banker, was appointed managing director of the Public Investment Fund in September 2015, after a serving as advisor at the royal court for a brief period before that. He joined Saudi Aramco’s board in 2016.
Aramco did not immediately respond to a request for comment. The PIF declined to comment.
The move comes a few days after Saudi Arabia created a new ministry for industry and mineral resources, separating it from the kingdom’s colossal energy ministry, in a series of royal orders issued late on Friday.
The separation appears to diminish the sprawling authority of Falih, who retained control of the energy portfolio.
Falih had overseen more than half the Saudi economy through the super-ministry, which was created in 2016 to help streamline new reforms. But despite ambitious plans for industry and mining, the sectors have seen relatively little development.