UAE Exchange names new CEO, makes changes to board

UAE Exchange, a global remittance and foreign exchange business which last year bought Travelex, named a new chief executive and changes to its board on Monday.

Deputy Chief Executive Promoth Manghat has been promoted to chief executive, the Abu Dhabi-based company said, adding that the changes would help drive accelerated global growth.

Indian-born billionaire Bavaguthu Raghuram Shetty, who founded UAE Exchange, has been appointed chairman of the board, it said.

Nabeel Abdul Rahman, chief executive and vice-chairman of Abu Dhabi-based investment company KBBO Group, was named vice-chairman.

KBBO’s portfolio includes Centurion Investments, which along with another KBBO company, Infinite Investments, owns 60 percent of UAE Exchange.

The board of directors would also include non-executive independent directors for the first time, along with shareholders and management representatives, UAE Exchange said.