ADIB boss Marar quits after shakeup
Abu Dhabi, September 2, 2007
Abu Dhabi Islamic Bank said on Sunday Ahmed Darwish Al-Marar had resigned as managing director after the lender named his successor.
The bank said last week that Khamis Buharoon, a former chief executive of Commercial Bank International, would take over as managing director.
Marar was also stepping down from the bank's board, the lender said in a statement on the stock exchange Web site.
With Buharoon's appointment, the bank named board member Ragheed Najib al-Shanti as acting chief executive, creating the job.
Abu Dhabi Islamic accepted a takeover bid by Emirates International Investment Co in March. Acting on a shareholder mandate, the board agreed to sell 2 billion dirhams ($544.5 million) of convertible Islamic bonds to Emirates International giving the company owned by the emirate's ruling family a stake of nearly 52 percent. - Reuters