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CEO denies Omniyat departure 'on bad terms'

The former boss of Omniyat on Tuesday denied he was asked to leave the company over claims he had a row with chairman Mehdi Amjad.

In an exclusive interview with Arabian Business, Peter Walichnowski, who will leave the group on June 1, said his position was surplus to requirements because he could no longer grow the company.
He dismissed suggestions that his departure was linked to a disagreement with the chairman, insisting the circumstances were "amiable".

And he revealed that he was now interested in setting up his own company either in the Middle East or in China.

According to a former senior employee at Omniyat, Mehdi told Walichnowski he had been frustrated with his performance for someone on such a large salary.

But Walichnowski denied his salary had anything to do with his departure, refusing to disclose his pay-off from the company.

“The money was not an issue between us and the reason for going, neither on his side to save money or on my side to get money,” said Walichnowski.

“My contract was coming up for renewal and it was a professional discussion from two guys that respect each other. We talked about what I wanted to do and what Medhi wanted to do," he added.

“I came in to help the chairman grow the company both in the UAE and internationally. That strategy is on hold.

"In the last six months I’ve been overseeing three projects which are due for completion in the next month or so. Thereafter there is not a lot of reason to stay given there are adequate resources to finish of those projects.”

He confirmed there had been further job cuts since the 69 the company announced in November but declined to give a figure.

On jobs cuts, he said: “There’s been some fine tuning since November.”

Walichnowski joined the company a year ago. He was on rolling contract which was coming up for renewal.

Arabian Business has obtained a copy of an internal email sent by Amjad last week alerting staff to Walichnowski’s departure.

In it, the chairman said: “Since last November we are facing one of the most difficult economic conditions for a business to operate in. We expect some signs of economic recovery to materialise during 2010 however the real estate development industry will continue to face tough times ahead."

It went on: “Global economic meltdown has been reflected by free fall in business activity at an accelerated pace never witnessed before. Hence our strategy dramatically shifted from growth to consolidation and delivering existing projects."

Walichnowski said he was interested in setting up his own company in the Middle East or China.

“I think it’s great time to look at recovery here in Dubai. There is capital looking for opportunistic acquisitions and development here. It’s an attractive proposition for me to re-establish my business and my network in China.”

Property prices in Dubai have come down 30 percent to 50 percent from their peak, he said, depending on whether they are completed or off-plan.

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