'Davos in the Desert' CEO resigns from post after six months

The CEO of Saudi Arabia's 'Davos in the Desert' has left her post after six months at the helm, according to a report.

Penny Richard, who joined the Future Investment Initiative Institute (FII) earlier in February, has left the role, according to Semafor, citing an internal document and an internal source.

Richard's departure was not reported by the FII, which did not respond to a request for comment.

Meanwhile, Richard Attias, a key figure in the establishment of the FII in 2017, is set to rejoin the FII as CEO on an interim basis as the organisation searches for a new head.

FII has been hosting the Davos-like conference in Saudi Arabia since 2017, with the aim of drawing international investors, CEOs, and bankers to panel discussions and to strike significant economic deals.

The forum has been a key part of Crown Prince Muhammad bin Salman's Vision 2030, which aims to diversify Saudi Arabia's economy away from hydrocarbon production.

Its ninth edition of the conference is planned for the 27 to 30 October 2025 in Saudi Arabia's capital, Riyadh. The eighth conference held in 2024 saw $70 billion worth of agreements announced, according to the FII.