Yasir al-Rumayyan, governor of the Saudi Public Investment Fund, has been appointed as chairman of state-owned oil giant Aramco.
The announcement was made by Energy Minister Khalid al-Falih, whom Rumayyan is replacing ahead of Aramco’s planned initial public offering (IPO).
"I congratulate... Yasir al-Rumayyan, governor of the Public Investment Fund, on his appointment as chairman of the board of directors of Saudi Aramco, which is an important step to prepare the company for the public offering," al-Falih said on Twitter.
Rumayyan, already an Aramco board member, is the head of the vast Saudi sovereign wealth fund that is spearheading an ambitious plan to diversify the kingdom's oil-reliant economy.
Saudi Arabia on Friday announced the creation of a new ministry of industry and mineral resources, separating it from the energy ministry.
Aramco has said it plans to float around five percent of the state-owned company in 2020 or 2021, in what could potentially be the world's biggest stock sale.
It aims to raise up to $100 billion based on a $2 trillion valuation of the company.
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.