Drake & Scull International announced the appointment of Khaled Jarrar as group chief financial officer, Mohamed Ghanem as chief legal officer and Mike Grant as the chief restructuring officer.
The Board of Directors also announced that going forward the Restructuring Committee would be chaired by Obaid Bin Touq, chairman of the Board of Directors, with the Restructuring Committee members being, Khamis Buamim, Ahmad Kilani and Tawfiq Abu Soud, the group CEO).
Bin Touq stated: “The Board of Directors have focused on rebuilding DSI’s leadership management team with industry professionals who have experience within the sector and with the company and have entrusted Mr. Tawfiq Abu Soud to lead the leadership team. We believe that these appointments will provide a vital impetus to the company’s ongoing restructuring aims and at the same time support our efforts to put in place a turnaround strategy that will provide a stable platform for the future. The company is working with the relevant government authorities to obtain the necessary approvals so as to be in a position to brief our Shareholders on the restructuring plans at the upcoming General Assembly Meeting.”
“Once we have obtained the requisite formal approvals, we will be able to engage with the various stakeholders whose support will be essential in delivering our turnaround strategy”, he concluded.
Jarrar led DSI’s IPO efforts as the CFO in 2007/08 and has nearly 30 years’ International experience. Prior to rejoining DSI, he served as the CFO for Al Jaber engineering, AlNasr Contracting, ABC Imaging, and worked with Arthur Andersen previously.
Ghanem is an experienced law professional with over 15 years of experience in Legal Consultancy, Litigation support, Statutory & Regulatory Compliance. He has led the legal function of well-established organizations such as Damac Properties.
Prior to his appointment at DSI, Grant led/coordinated the restructuring efforts of prominent firms in the MENA region, including Al Jaber Contracting, Energy City and the Investment Dar.