Drake & Scull names new CEO, finance head in big shake-up
DUBAI, September 7, 2020
UAE-based Drake & Scull, a regional leader in engineering and construction services, has announced a top-level executive shake-up appointing Munir Mansour as its new chief executive officer and Peter Lalor as the chief financial officer.
The move comes as the embattled Dubai firm faces incurring losses and a debt restructuring plan.
Like many construction firms, Drake & Scull had been hit by a slump in the regional building industry over the past few years. It attributed the losses mainly to cost overruns in secondary markets such as Oman, Qatar and Jordan, as well as rising debt servicing costs.
The company which has reported losses in eight of the past 10 quarters in 2018 had engaged advisers on a new restructuring and business plan.
In a statement to the Dubai Financial Market (DFM) on Monday, the Emirati firm said it had been in search of a strong executive team to lead the company at this crucial juncture.
Mansour is a highly seasoned leader with more than four decades of experience in the industrial and contracting industry in the UAE. He had previously served as managing director of Tarimanas Group for over 15 years and prior to that as general manager of Emirates Glass.
He had also served as a board member in Emirates Glass and Emirates Aluminum, a Dubai Investment Group subsidiary, said the company in its statement.
The new CFO, Lalor has been in the Middle East for the last 14 years and boasts significant experience in corporate strategy, finance, legal and commercial management in a variety of sectors, including infrastructure, construction, engineering and manufacturing. Previously, he was the CFO for Al Naboodah's International businesses.
Lauding the appointments, Drake & Scull Board Chairman Shafiq Abdul Hamid said: "They join us at a critical time as we proceed with finalising the organisational and financial reorganisation plan."
"We are confident that their extensive experience and highly relevant skillsets will enable us to re-establish DSI as a leading MEP contractor in the region,," he added.-TradeArabia News Service
