Dubai-based fit-out contractor has said that its chief executive, Nadim Akhras, has stepped down from his role for “personal reasons”.
Mr Akhras was made interim chief executive of the company in October 2013 following the departure of its co-founder, Mohannad Sweid. He remained as interim chief executive until April this year, when his appointment was made permanent.
Mr Sweid returned to the company as a board director in July this year, and Depa said that pending the appointment of a permanentchief executive, he would oversee the group’s Middle East, Africa and USA markets, while fellow board director Roddy Maciver would look after its European and Asian markets.
Depa’s group chairman Mohamed Al Fahim said: “Depa is disappointed to lose Nadim as Group CEO. Over his 17 years in service, he has made countless contributions to the Group’s success story, playing an integral role in its expansion.”
Mr Akhras will also be retained as a consultant to the business, and Depa said it hoped to continue to benefit “from his acquired knowledge in the interior contracting industry”.
In August, Depa reported a 44 per cent drop in net profit for the first six months of 2015 to Dh15m. Revenue also fell by 4 per cent to Dh841m. At the time, the company said that its sales had fallen because it had taken a more selective approach in bidding for work.
Depa operates in 20 countries worldwide and has about 7,000 staff. Contractor Arabtec is its biggest shareholder, with a 24 per cent stake in the company. Drake & Scull chief executive Khaldoun Tabari also bought a 6 per cent stake in the company in January 2014.
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