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Wed 26 Dec 2018 02:33 PM

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Drake & Scull chairman, CEO step down

A new independent board member, Abdullah Al Matrooshi, has been appointed

Drake & Scull chairman, CEO step down

The chairman and CEO of Dubai-based contractor Drake & Scull (DSI) have both resigned following a board meeting on Tuesday, it has been announced.

In a statement filed to the Dubai Financial Market, DSI said that chairman Abdullah Atrateh – who was appointed in September of 2017 – will be replaced by independent board member Obaid Bin Touq.

A new independent board member, Abdullah Al Matrooshi, has also been appointed.

Additionally, the statement noted that group chief executive Yousef Al Mulla –has also resigned.

"Until a replacement has been appointed, the management of the company will be carried under the supervision of the Board of Directors,” the statement added.

Al Mulla took as CEO from Dr Fadi Feghlani in August as the company reported a net loss of AED 183 million ($49.82 million) for the first half of 2018. Al Mulla was previously CEO of Square General Contracting and has served as the managing director for Transemirates Contracting Company.

No reason for the two men’s departure was given in the statement.

In November, DSI announced that it incurred a net loss of AED 498 million ($135.58 million) in the third quarter of the year, largely due to a restructuring effort that saw it hand over its legacy projects.

At the time, a statement from DSI said that the hand-over of legacy projects forms part of a large programme that included a reassessment of all its projects.

Because of this reassessment, DSI said it believes that several other legacy projects that are due for closure and handover may lead to further losses.

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