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Abdullah Atatreh and Yousef Al Mulla

Drake & Scull chairman, CEO step down

DUBAI, December 27, 2018

UAE-based Drake & Scull, a regional leader in engineering and construction services, has announced that both its chairman Abdullah Atatreh and its chief executive Yousef Al Mulla have resigned from their posts following a recent board meeting.

Atatreh, who was appointed as chairman in September last year, has been replaced by independent board member Obaid Bin Touq, the company said in a statement to the Dubai stock exchange.

A new independent board member, Abdullah Al Matrooshi, has been inducted into the company's board in place of Atatreh, it stated.

In another development, Al Mulla, who had taken over as the CEO only in August this year, too has resigned. The decision came at the end of the recently held board meeting, said the Dubai contractor in its statement.

Until a replacement has been appointed, the management of the company will be carried under the supervision of the board of directors, it added.

The embattled Dubai firm said the resignation comes at a time when it is undergoing restructuring programme under the supervision of Trussbridge Advisory (DIFC) Limited, the financial advisors, and Allen & Overy LLP, the legal advisors.

Al Tamimi & Company are the regulatory advisors for the revamp programme, while Deloitte is a key advisor on the development of a new and comprehensive business plan.-TradeArabia News Service

Tags: Construction | Drake & Scull | CEO | Chairman | Dubai contractor |

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