Arabtec's CFO acts as head as CEO quits
Posted on 16th May 2019
According to *Tradearabia news report, Arabtec Holding, a leading contractor for social and economic infrastructure, said its chief executive officer Hamish Tyrwhitt has stepped down from his position, and will be replaced temporarily by chief financial officer Peter Pollard.
Announcing the board decision, Arabtec Holding said prior to joining Arabtec Holding in April 2017, Pollard had held various executive roles in both the construction and property sectors in the UAE, Asia and Australia, bringing 30 years’ of experience to the Arabtec Group.
Arabtec did not provide details on why Tyrwhitt is stepping down, but the board of directors thanked him in a statement for his efforts.
"We look forward to supporting Pollard in his role as acting GCEO. He had been instrumental in driving the company forward, in line with the Group’s strategic priorities," said the board in a statement.
Pollard will continue to focus on aligning our business with the UAE’s national agenda, productivity, efficiency and innovation being key drivers in positioning Arabtec as a competitive business, and developing the future Emirati leaders who joined the Group during 2018, it added.
In a separate filing to the Dubai bourse, Arabtec said that profits attributable to the parent company in the first quarter fell over two-fold from Dh65.8 million last year to Dh30.2 million. The revenues too plunged 16 per cent to hit Dh2 billion, it added.
*News source: http://tradearabia.com/news/CONS_354729.htmlBack to all Construction News
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