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UPDATE 1-Dubai's Shuaa Capital's CEO Macdonald to leave firm
December 31, 2013 / 6:37 AM / 4 years ago

UPDATE 1-Dubai's Shuaa Capital's CEO Macdonald to leave firm

* Contract expires on Tuesday

* Will be 4th CEO departure in 4 years

* No replacement named, CFO named general manager (Adds details)

DUBAI, Dec 31 (Reuters) - Dubai-based financial services company Shuaa Capital said its chief executive officer Colin Macdonald will leave the group when his contract expires on Tuesday, the fourth CEO to depart in as many years.

The company, which has laid off a third of its staff since 2011 and slashed operating costs to stem losses, did not name a replacement.

The firm hired ex-ABN Amro banker Macdonald as chief executive in April 2012 as part of a new strategy to grow its lending business, under Chairman Sheikh Maktoum bin Hasher al-Maktoum, a member of Dubai’s ruling family.

Previously one of the Arab world’s largest investment banks, Shuaa was hit hard by the global financial crisis.

Among other management changes, the firm’s Chief Financial Officer Houssem Ben Haj Amor has been appointed as general manager, it said in a statement on Dubai’s bourse.

The company also announced the appointment of Karim Schoeib as chief executive for investment banking and Amer Khan as senior executive officer of SHUAA Asset Management.

Jennifer Adams has been appointed director of operations and Michael Hewitt, previously CEO of Saffar Capital, a GCC focused investment and advisory firm, has been appointed head of the executive office. (Reporting by Praveen Menon; Editing by John Stonestreet)

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