Khaleej Times reported that Mr Yuvraj Narayan CFO of Dubai Ports World would step down at its board meeting on December 10 2009 and join its parent company, Dubai World as its Group Chief Financial Officer.
The ports operator said that the board of DP World has commenced a search for a new CFO and a further announcement will be made in due course.
Mr Sultan bin Sulayem chairman of DP World said that “The board and I would like to take this opportunity to thank Yuvraj for his hard work and commitment to DP World over the last 5 years.”
Mr Mohammed Sharaf CEO DP World said that “Mr Yuvraj has been involved in the dramatic growth of DP World and has been instrumental in building our strong balance sheet. We wish him well in his new role at Dubai World.”
The company said that as announced on September 18th 2009, Mr Jamal Majid bin Thaniah executive vice chairman of DP World Limited has been appointed as Group Chief Executive Officer of Dubai World.
The statement said that Mr Jamal therefore becomes non executive joint vice chairman of DP World Limited and will continue to play a pivotal role in the development of DP World supporting both the Board and Company.
Dubai World’s port operations subsidiary DP World has extended Dubai’s flag to 6 continents. It has port operations in almost all major regions and economies.
Dubai World, whose property unit Nakheel has USD 3.5 billion worth of Islamic bonds maturing on December 14th 2009 said earlier this month that its restructuring was nearly complete and would help save USD 800 million in operating costs over the next 3 years. The company said that it had reduced its global workforce by 15% to around 70,000.
It said that staff in the UAE was cut by 25% largely as a result of the downturn in the region’s real estate market. Dubai World hired Alix Partners, the turnaround experts advising on the General Motors bankruptcy, to help restructure its business in June in order to cope with the impact of the global economic crisis.
