Abu Dhabi-based Waha Capital has parted ways with chief executive Michael Raynes and named one of its board members as managing director, as the investment firm charts a new growth strategy, the company said on Tuesday.
A new CEO is currently being finalised, Waha said.
Mohamed Hussain al Nowais, who is also chairman and managing director of Tama Investment & Development, has been appointed as managing director of Waha, the company said in a bourse filing.
On Monday, Reuters cited sources as saying that Raynes had left the company after serving a little more than a year in the role.
Al Nowais has held roles at the Abu Dhabi Investment Authority (ADIA) and JPMorgan in New York.
Waha Capital and UAE-based Gulf Capital have held exploratory discussions regarding a merger, sources told Reuters last month.
Waha’s portfolio of investments includes stakes in aviation leasing firm AerCap Holdings, a major Middle East and North African oil and gas services provider and industrial real estate.
The senior management shake up comes as Waha is coping with changes and challenging market conditions in a slowing economy.
Its share price has tumbled 51 per cent so far this year, according to Refinitiv data.
The company reported a first quarter loss of Dhs57.8m ($15.7m).