Dubai’s Drake & Scull International (DSI) has terminated group CEO Tawfiq Abu Soud after just four months at the company, as well as two other senior executives amid widening losses and falling revenue, the company has announced.
In a statement posted to the Dubai Financial Market (DFM), DSI said that its board of directors had approved the termination of Abu Soud, as well as group chief financial officer Khaled Jarrar and chief learning officer Mohamed Ghanem.
“The day to day business of the company will be managed by executive committee which will consist of 3 executive managers till the appointment of a new GCEO and a new GCFO,” the company added.
DSI appointed Abu Soud on January 23, when he assumed the responsibility of leading DSI’s operations from his predecessor, Yousef Al Mulla.
Abu Soud was managing director for DSI’s MEP and Water and Power subsidiaries for 14 years between 1997 and 2014.
DSI, which has been suspended from trading since November, said its loss widened to $1.23 billion last year from $321.1 million. Revenue fell to $217.26 million from $718.7 million.
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