It will be June 30. Issad Rebrab, the founder and historical leader of the Algerian group Cevital formalized, on June 22, the date of his retirement. “At the end of a transition process that began at the end of 2020, I have decided to leave all of my functions and mandates at the head of the Cevital group,” he said in a statement. viewed by Young Africa.
“On June 30, 2022, I will retire and pass the torch to Malik Rebrab who will become the new Chairman and Chief Executive Officer (CEO) of the group”, he added, stressing that his son “has already held high positions within Cevital, which he knows perfectly”. This statement materializes the announcement of his withdrawal, made in mid-April in the columns of the daily Freedom, without Issad Rebrab having, at the time, set a date for his exit from the group.
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Even if it was expected, this announcement marks a turning point for Cevital, the country’s leading private group, and its founder, a personality from the Algerian and African business world. While agri-food (especially sugar and oil) remains its core business, the group (1.2 billion euros in turnover in 2020) is also active in household appliances, logistics and industry, employing some 18,000 people.
If tensions have appeared recently at the level of its top management, the founder, who started his activities in the metallurgy in the 1970s, wishes to display his serenity. “I have total confidence in the teams that will support the new CEO,” he stressed. In recent months, new profiles, recruited in Algeria but also abroad, have joined the group, in which the five children of the founder (Malik, Omar, Salim, Yassine and Linda) hold responsibilities.
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A successor already experienced in the exercise
Malik Rebrab, Issad’s youngest son, has been at the head of Cevital since April 2019 and his father’s pre-trial detention, which led to his being sentenced to 18 months in prison, including six firm, for tax, banking and customs offences. Issad Rebrab, who has always denied any offence, was released in early 2020 after eight months in detention.
“Cevital will remain a corporate citizen that participates in the development of our country and will continue to invest to create jobs, wealth and contribute to non-hydrocarbon exports”, assured the latter. The task of his successor, CEO of the group between 2014 and 2017, promises to be difficult, at a time when the conglomerate is refocusing its activities in a tense context due to the consequences of the Covid-19 pandemic and the war. in Ukraine.