Regional contractor, Drake & Scull International (DSI), has announced that its newly-elected board members have convened for the first time after the restructuring.
The board ratified a series of procedural decisions necessary for the company to conduct business as required and chose new committee members from among its ranks.
The second general assembly meeting convened earlier on September 9, 2017, and ratified the appointment of the new board members and elected additional members to fill the vacancies resulting from the resignation of the former board members.
The board elected Abdulla Atatreh as the new chairman; independent member, Ahmed Saeed Al Hamiri, as vice chairman; and Abdulla Fareed Algurg as new board member. Algurg replaces the vacant seat of Majid Al Ghurair who resigned during the recent general assembly meeting. At the executive level, board member Mohammed Atatreh was appointed as DSI’s new managing director. Members of DSI’s audit, nomination, remuneration, and investment committees and the secretary of the board of directors have been appointed as well.
During its inaugural meeting, the board emphasised the completion of DSI’s capital restructuring program as a top priority to boost liquidity and stabilise the business. It also concurred on establishing a clear strategy for recovery and growth that will capitalise on the group’s healthy project pipeline, industry stature, and the bullish industry outlook for the region.
Atatreh said: “The first official act of the new board of directors is to position the company for new growth by establishing and following strict governance standards across all operating sectors to ensure consistent transparency, control, and quality. We have also strategically appointed people that embody our vision of renewed growth for DSI. We want to adopt the right corporate mindset to ensure the swift and efficient completion of the group’s turnaround strategy, which is currently in the final stages of the capital restructuring phase. We assure our partners, customers and all our other stakeholders that we will steer the DSI towards new and exciting opportunities to advance the group’s industry leadership.”
The board’s immediate goals include further organisational restructuring to achieve higher levels of efficiency, synergy, and resilience. It is currently planning additional executive appointments to support DSI’s comprehensive turnaround strategy.