The public takeover offer will be subject to a minimum acceptance threshold of 50% plus one share of Covestro's capital
Qatar Airways Chairman Saad al Kaabi said in an official circular obtained by Reuters on Monday that CEO Akbar Al Baker is to step down from his position effective November 5, confirming earlier reports. The circular also confirmed that Badr Al Meer will be the company's new CEO.
Al Meer is currently the chief operating officer of Doha's Hamad international airport, according to the airport’s website.
It was not immediately clear why Al Baker, who helmed the state-owned carrier for over two decades, is retiring. He was appointed CEO in 1997, three years after the airline launched. Qatar Airways representatives could not immediately be reached for comment.
It was announced on Sunday that Qatar's Emir Sheikh Tamim bin Hamid Al Thani had replaced Al Baker as the country's top tourism official. No reason was given for the decision.
Al Baker has been instrumental in transforming Qatar Airways into an major international carrier that competes against the likes of Dubai's Emirates and Turkish Airlines.
ALSO READ:
The public takeover offer will be subject to a minimum acceptance threshold of 50% plus one share of Covestro's capital
The UAE has 87 projects and 22,831 rooms in the construction pipeline
Scaling up was in Europe's best interest and it should be private sector players deciding whether to go ahead with deals, says European Central Bank President
Epic will also raise its competition concerns with regulators in the European Union
India-owned Tata Steel had been losing £1 million a day
The National Economic Registry (NER) -Growth also enables government entities to manage economic activities digitally based on the latest AI technologies
Technnological disruptions mark profound shift in investment landscape
Banks cut rates by about 50 bps on existing mortgage loans