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In an internal promotion, The Olayan Group has named Camile Saba to succeed Robert Leary as its global chief executive officer.  The change takes effect on August 1, 2019.

Effective May 1, Lubna Olayan will retire as CEO of Olayan Financing Company (OFC), the Group’s Riyadh-based investment arm and holding company for the Middle East.  Ms. Olayan will remain a key member of the Group’s Corporate Board of Directors, Shareholders’ Board, and Olayan Family Council.  She will also continue to lead the Group’s philanthropic activities as president of the Suliman S. Olayan Foundation. Jonathan Franklin, a senior executive at OFC, will take over as the company’s new CEO, also on May 1.

The New York City Landmarks Preservation Commission (LPC) today approved the new preservation-led design for 550 Madison, the landmark commercial tower in East Midtown.

Hutham Olayan has been named the new chairperson of The Olayan Group’s Corporate Board.  Ms. Olayan succeeds Aziz Syriani, who has chaired the board since its formation in 2013 and will remain a director.  The change will take effect at the board’s next meeting in October 2018.

The Olayan Group and Mandarin Oriental Hotel Group are embarking on a major restoration of the famed Hotel Ritz in Madrid, which is jointly owned by the two groups.

On behalf of the joint venture, Mandarin Oriental announced that the historic hotel will close on Feb. 28 for a $121-million restoration, which is expected to be completed in late 2019.