Dubai’s Marka confirms resignation of CEO

The company did not disclose a reason for the CEO’s departure

Dubai retail and hospitality firm Marka Holding has confirmed the departure of its CEO.

In a bourse filing Marka said Nick Peel had resigned from his position effective immediately.

The company’s vice chairman and managing director Khaled Al Mheiri will assume the CEO’s responsibilities in the interim, it said.

No reason was given for Peel’s departure.

The departing CEO was appointed in August 2014, the same year Marka raised $75m in an initial public offering on the Dubai Financial Market.

Read: Dubai Retailer Marka Appoints CEO

During his tenure he promised to make the company profitable but it continued to post losses in 2016.

Read: Marka CEO Says Firm To Turn Profitable In Q4, Looks At New Buys

In its Q3 financial results the firm reported a Dhs11.37m loss compared to a Dhs14.31m loss in Q3 2015.

Its loss for the first nine months of the year stood at Dhs47.1m up from Dhs24m in 2015.

Marka currently operates 53 outlets across hospitality, sports, fashion and beauty brands.