David Deards joined the company on March 1, latest in string of executives to leave Dubai financial firm
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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Surely a listed company would need to announce the departure of it's CFO in a formal statement to the stock exchange, or find itself in breach of stock exchange regulations for timely disclosure of critical information.
For the shake of re-building investor confidence in local stock markets (after Damas etc.) hopefully action will be taken by the stock exchange.
If the departure did indeed happen in December (undisclosed) this is less than impressive behaviour from a company that is advising clients on IPO's and have made statements around improving it's corporate governance lately !
Senior Management always blames first the CFO for its failure and for not meeting the numbers. We know very well that Shuaa was in financial trouble before the CFO joined them.