Regional head Hussein Hachem will take over at the Dubai logistics company
Aramex, the Middle East’s largest logistics company, said
its CEO and founder Fadi Ghandour will retire by the end of
the year, to be succeeded by regional head Hussein Hachem.
Ghandour, who becomes vice chairman, will focus on
“strategic expansions, new investments, and sustainability,” the company said
in an e-mailed statement today.
Aramex, which competes in the Middle East with Deutsche
Post’s DHL unit and United Parcel Service Inc., was founded in 1982 in Jordan
and New York by Ghandour and William Kingson. It employs more than 12,300
people operating in 353 locations in 60 countries.
“There is no better time than this 30th anniversary of
Aramex, capping an astounding journey of challenges and achievements, to propose
that you and I are ready for yet another leap,” Ghandour said in the statement.
Aramex has been expanding into Asia, Africa and Europe
through acquisitions and partnerships. The company said March 14 it signed a
partnership agreement with South Korea’s CJ GLS Corp. That followed a joint
venture with SinoAir in China, and the acquisitions of OneWorld Courier and
In-Time Couriers in Kenya, and Berco Express in South Africa.
Hachem joined the company 20 years ago when he rebuilt
its operations in Kuwait after the 1991 Gulf War. He is currently CEO for the
Middle East and Africa, the largest revenue- contributing region for the
company, according to the statement.
The courier company, which sold shares in an initial
public offering in 2005, posted a 4 percent increase in profit last year as the
popular uprising in the Middle East and the global credit crisis weighed on
Aramex shares have gained 2.2 percent this year after
dropping 13 percent in 2011. They closed 1.1 percent higher in Dubai trading on
April 12, giving the company a market value of AED2.69bn (US$732.4m).