More senior Arabtec execs said to have been sacked

Chief operating officer, head of risk and chief information officer reportedly among hundreds dismissed by Dubai construction giant
By Staff writer
Mon 23 Jun 2014 06:19 PM

More senior executives from Dubai-based Arabtec Holding, including the chief operating officer, head of risk and chief information officer have reportedly been fired as part of a major staffing shake-up.

Bloomberg reported on Monday that COO Mark Andrews, Gordon Jack, the chief information officer, and David Doyle, the chief risk officer, have been dismissed following the departure of CEO Hasan Ismaik last week.

The company has also declined to comment on reports that hundreds of employees have been sacked in the past few days as shares in the company fell to their lowest since March.

Bloomberg cited two people with knowledge of the situation when reporting that Nabil Al Kindi, COO for the Gulf region and Shohidul Ahad-Choudhury, head of mergers and acquisitions have also left.

Ismaik, who abruptly resigned from the company last week, said on Thursday he had no plans to sell his 28.85 percent stake.

Ismaik left Arabtec's board on Wednesday, resigning as chief executive at the same time, and ending a tumultuous few weeks for the company in which its shares plunged and major shareholder Aabar Investments cut its stake. The selling dragged down the entire Dubai stock market.

On Monday, Arabtec fell 9.9 percent to close at AED3.46, down from a peak of AED7.40 on March 14. However the stock is still up 69 percent year-to-date.

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