Shuaa Capital, the investment bank controlled by Dubai’s ruler, dismissed Chief Financial Officer David Deards in December and is seeking a replacement, two people with direct knowledge of the matter said.
Deards, who joined the company on March 1 from UK-based Alliance Trust, is one of several executives to leave over the past year. Deards’s mobile phone was disconnected when called on Tuesday by Bloomberg News.
A Shuaa Capital spokesman declined to comment.
Shuaa’s head of sales, Cormac Sheedy, also left and will be replaced “shortly,” Dana Chehayeb, head of marketing and corporate communications at the bank, said on Monday.
Shuaa, which posted losses of AED948.5m ($258.2m) and AED529.78m in 2008 and 2009, respectively, reported a profit of AED200,000 in the third quarter of 2010 after cutting costs, selling assets and shifting focus to fee-generating businesses.
It had liabilities of AED496m at the end of the third quarter compared with the earlier period and assets of AED2.2b and cash reserves of AED412m.
Shuaa’s shares fell 2.4 percent to AED1.24 at the close of trading in Dubai on Tuesday.
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