Abdulla Atatreh has been appointed as group chairman and Ahmed Saeed Al-Hamiri as vice chairman, the Dubai-listed company said in a statement to the stock exchange.
Atatreh, who was also appointed as managing director, replaced Majid Saif Al-Ghurair, who resigned for “personal reasons”, while Al-Hamiri took over the role of Khaldoun Tabari, who was once DSI’s long-standing leader.
Abdulla Fareed Algurg was also elected as DSI’s newest board member for the seat vacated with Al-Ghurair’s resignation.
“The Board emphasized the completion of DSI’s capital restructuring program as a top priority to boost liquidity and stabilize the business,” DSI said in its statement.
“It also concurred on establishing a clear strategy for recovery and growth that will capitalize on the group’s healthy project pipeline, industry stature, and the bullish industry outlook for the region.”
DSI will continue with its organizational restructuring and is planning additional executive appointments for its turnaround strategy, the company said.
The Dubai company earlier reported a narrower loss in the second quarter at Dh182.7 million compared, with Dh207.6 million a year ago. The company’s year-to-date losses have been pegged at Dh1.89 billion after it made a Dh68 million one-off provisions and impairment charges in the second quarter.