Rabat – Saâd Bendidi has left his position as a General Manager and Chairman of the insurance company Saham Group, according to a communiqué by the company.
On Thursday, September 7, Bendidi, Deputy CEO of the company owned by the Minister of Industry Moulay Hafid Elalamy, stepped down from his position, after four years of service.
His relatives told Moroccan news outlet Media 24 that he left Saham group to attend to his private investments, which Bendidi later confirmed to the news magazine TelQuel.
Bendidi’s decision is not unexpected. When Elalamy was appointed Minister of Trade and Industry in October 2013, Bendidi agreed to serve as CEO of Sahamfor a duration of three years.
Nearing the end of his tenure, the government suffered from a deadlock, as then-government head AbdelilahBenkirane was unable to form a coalition for six months. Bendidiwaited until after the government formed in April to make his decision to leave Saham Group, which he did in May and revealed September 7.
Bendidi occupies several high-level positions in addition to being the General Manager and Chairman of Saham Group.
He is also Chairman and Partner at Mediterrània Capital Partners Limited. He also serves as the President of Jasia Holding & Haworth Maroc and serves as a Partner at Riva y García Private Equity.
Saham Group wrote in a statement that they are “thankful for Bendidi’s contribution to the development of the Group. He has anchored his strong values in the group, including his entrepreneurship spirit, ethics, and excellence.”
Since Elalamy continues to serve as Minister of Trade and Industry, his company will need a new chairman.
