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Abu Dhabi's Aldar Properties said on Sunday that it had replaced the company's chief executive Ron Barrott with chief operating officer John Bullough in a move that was designed to meet the changing demands of its business strategy.
"Following the exponential growth of its project footprint over the last three years, the new leadership structure is a reflection of a required focus on execution and project delivery," the company said in a statement.
Barrott becomes an adviser to the chairman while remaining a member of the Board.
Both appointments are with immediate effect.
The company added that it was in the final stages of appointing a new Chief Operating Officer, with the appointment to be made within the current quarter.
Ahmed Al-Sayegh, chairman, said: "Our business has benefited hugely from an entrepreneurial focus on growth led by Ron Barrott over the last three years and I look forward to his contribution as advisor to Aldar.
"Growth still remains a priority; however, our obligation and focus are necessarily now about executing against the opportunities that have been built for our shareholders, customers and partners."
