Drake & Scull slams talk of CEO resignation
Drake & Scull International has denied rumours that recently appointed CEO Wael Allan has handed in his resignation.
The Dubai-based EPC contractor issued a statement to the Dubai Financial Market saying: Regarding the tweet reported on social media titled: resignation of new CEO Wael Allan. DSI management would like to clarify that the information cited in the tweet is not accurate and is unfounded and misleading.
It is not clear who posted the tweet.
Appointed Chief Operating Officer (COO) in May 2016, Wael Allan only made the step up to Group CEO at Drake & Scull in October following the resignation of Khaldoun Tabari.
Allan is an industry veteran with more than 26 years of global management experience spanning EPC and construction across the USA, Europe, Far East and the Middle East. Prior to joining DSI, he was CEO at Arcadis Middle East.
Allan has been overseeing a restructuring at Drake & Scull which has appointed PwC as a strategic and financial advisor, it said in December.
The company attributed financial losses in the first half of last year to the construction downturn, especially in Saudi Arabia where it had significant exposure to cancelled projects.
