Bahrain’s Gulf Finance House (GFH) said on Wednesday Chief Executive Ahmed Fahour had quit after just five months, a setback for the loss-making bank’s efforts to restructure and find new revenue streams.
“Ahmed Fahour has resigned from his post,” a spokesman told Reuters, adding current Group Deputy Chief Executive Ted Pretty had been appointed acting CEO.
GFH said in a statement Fahour had been appointed by the Australian government as managing director at Australia Post.
Fahour was appointed chief executive in late July and since then has overseen a $300 million rights issue, after which GFH is planning to build new revenue streams in asset management, investment and commercial banking.
Like a number of Bahrain-based investment houses, GFH has posted losses since the end of a regional property late last year, which swept away its business model of raising financing for large infrastructure and real estate projects.
Pretty joined GFH in October from Macquarie Capital, part of Australia’s Macquarie Group. (Reuters)
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