DUBAI — Dubai Ports World said on Tuesday that its Chief Financial Officer, Yuvraj Narayan, would step down at its board meeting on December10 and join its parent company, Dubai World, as its Group Chief Financial Officer.
In a statement posted on Nasdaq Dubai’s website, the ports operator said that the board of DP World has commenced a search for a new CFO and a further announcement will be made in due course. “The board and I would like to take this opportunity to thank Yuvraj for his hard work and commitment to DP World over the last 5 years,” said Sultan bin Sulayem, the Chairman of
“Yuvraj has been involved in the dramatic growth of DP World and has been instrumental in building our strong balance sheet. We wish him well in his new role at Dubai World,” said DP World CEO Mohammed Sharaf.
The company said that as announced on September 18, Jamal Majid bin Thaniah, Executive Vice-Chairman of DP World Limited, has been appointed as Group Chief Executive Officer of Dubai World.
Jamal therefore becomes Non-Executive Joint Vice-Chairman of DP World Limited and will continue to play a pivotal role in the development of DP World supporting both the Board and Company, the statement said.
Dubai World’s port operations subsidiary DP World has extended Dubai’s flag to six continents. It has port operations in almost all major regions
Dubai World, whose property unit Nakheel has $3.5 billion worth of Islamic bonds maturing on December 14, said earlier this month that its restructuring was nearly complete and would help save $800 million in operating costs over the next three years. The company had also said it had reduced its global workforce by 15 per cent to around 70,000.
It said that staff in the UAE was cut by 25 per cent, largely as a result of the downturn in the region’s real estate market, it said. Dubai World hired AlixPartners, the turnaround experts advising on the General Motors bankruptcy, to help restructure its business in June in order to cope with the impact of the global economic crisis.