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Mon 8 Nov 2010 10:44 PM

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Aldar appoints COO Sami Asad as new CEO

He joined company in 2008 as technical director and was promoted to COO the same year

Aldar appoints COO Sami Asad as new CEO
Mohammed Khalifa Al Mubarak to become Deputy CEO (ITP Images)

Aldar Properties, Abu Dhabi's largest developer, said on Monday its chief operating officer Sami Asad will succeed John Bullough as CEO, after Bullough's resignation from the developer last week.

Mohammed Khalifa Al Mubarak, will act as deputy CEO while continuing in his current role as chief commercial officer, Aldar said in a statement.

Aldar's shares closed down 3.9 percent on Monday, the lowest in over two months. Bullough's resignation on November 1 had sent the developer's shares tumbling to a seven-week low the next day, weighing on Abu Dhabi's index.

Asad joined Aldar in 2008 as technical director and was promoted to the role of COO in the same year following Bullough's appointment as CEO, the developer said. (Reuters)

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John 9 years ago

A veteran of the real estate industry departs to make way for a veteran of the.....oil industry. During the difficult times ahead ALDAR needs an experienced professional.