Dubai contractor Drake and Scull International (DSI) has appointed a new chairman and vice chairman during the first meeting of its newly-elected board members, it announced on Wednesday.
Abdulla Atatreh, who has been appointed as the new chairman, replaces Majid Saif Al Ghurair who resigned on September 9 with immediate effect.
Meanwhile, Ahmed Saeed Al Hamiri has been named the vice chairman, and Abdulla Fareed Algurg has been appointed as new board member.
At the executive level, board member Mohammed Atatreh has been named the new managing director, a statement said.
Members of DSI’s Audit, Nomination, Remuneration, and Investment Committees and the secretary of the board have been appointed as well.
The leadership changes come even as DSI has been restructuring operations, following a lull in the regional construction market.
Last month, the company sacked CEO Wael Allan, who was appointed to the role less than a year ago. It also approved the resignations of several board members including former executive vice chairman and CEO Khaldoun Al Tabari.
During the latest meeting of the new board, members emphasised the completion of DSI’s capital restructuring programme as a top priority to boost liquidity and stabilise the business.
The board also agreed to establish a “clear strategy for recovery and growth”.
Immediate goals include further organisational restructuring and it is currently planning additional executive appointments to supportthe company’s turnaround strategy, the statement said.
Abdulla Atatreh, the new chairman of DSI said: “The first official act of the new board of directors is to position the company for new growth by establishing and following strict governance standards across all operating sectors to ensure consistent transparency, control and quality.
“We have also strategically appointed people that embody our vision of renewed growth for DSI. We want to adopt the right corporate mindset to ensure the swift and efficient completion of the group’s turnaround strategy, which is currently in the final stages of the capital restructuring phase.”