Property News · November 29, 2016

Arabtec appoints new chief executive


Arabtec has appointed the recently appointed Depa chief executive Hamish Tyrwhitt as its chief executive.In a statement to the DFM this morning, Dubai-listed Arabtec said that Mr Tyrwhitt had replaced the company’s acting chief executive Saeed Al Mehairbi, who will remain an Arabtec board member.Arabtec said that as well as taking on the new role, Mr Tyrwhitt would continue to act as chief executive of Nasdaq Dubai-listed interiors contractor Depa – the company in which it purchased a 24 per cent stake in 2012.Mr Tyrwhitt worked for 27 years at Australian construction firm Leighton Holdings, working his way up to become group chief executive in 2011. However, in 2014 he lost his job after the company was taken over by Hochtief, which is owned by Spanish construction giant ACS.He became chief executive of Asia Resources Minerals, an Indonesian coal mining company listed in London, in March 2015, prior to being appointed CEO of Depa Group in April 2016.Mr Tyrwhitt will have a tough job on his hands at Arabtec. Earlier this month the company posted its eighth successive quarterly loss. The company has been undergoing a restructuring following the departure of its previous chief executive Hasan Ismaik, who left the company in mid 2014 amid a share price crisis.Arabtec chairman Mohamed Al Rumaithi said that Mr Tyrwhitt had the experience necessary to “further strengthen the company’s strategic and financial positioning and achieve its full growth potential”.”We are confident that Hamish’s leadership will allow Arabtec to move forward to a successful and sustainable future,” he added.Arabtec shares were up 2.3 per cent to Dh1.32 in early trading.lbarnard@thenational.ae

Source : thenational.ae
Read more…Arabtec appoints new chief executive

You may also like...