Aldar Properties chief resigns
Abu Dhabi, November 1, 2010
Abu Dhabi's largest developer Aldar Properties, said its chief executive John Bullough, has left the company. Bullough was appointed chief executive of Aldar in October 2008.
'He has submitted an early retirement and the board will meet on November 8 and we will announce the new chief executive,' the spokesman told Reuters on Monday.
The developer is expected to suffer its fourth consecutive loss in the third-quarter, according analysts in a Reuters poll in October, as the market awaits a financing plan for the indebted firm.
Aldar's fragile debt position spurred ratings agencies Moody's and Standard and Poor's to each downgrade its ratings earlier in the year and keep it on watch for further downgrades.
Aldar's shares closed 0.8 per cent lower on Monday, in line with Abu Dhabi's bourse which eased 0.5 per cent.-Reuters