Dubai-based contractor Drake & Scull International (DSI) has terminated its group CEO Tawfiq Abu Soud after just four months at the company, as the firm posted a record loss.
In addition, the board approved to terminate the services of CFO Khaled Jarrar and chief legal officer Mohamed Ghanem, according to a filing on the Dubai bourse.
The company stated that business of the company will be managed by three executive committee managers till the appointment of a new group CEO and a new group CFO.
DSI had appointed Soud as the group CEO for the company on 23 January 2019. He had assumed the responsibility of leading DSI’s operations from his predecessor Yousef Al Mulla.
Soud was the third group CEO change in DSI in the last 12 months, following Al Mulla and Dr. Fadi Feghali.
DSI, which has been suspended from trading since November, said its loss increased to $1.23bn last year from $321.1m.