Drake & Scull International (DSI) has announced that it has ratified the appointment of new 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 Majid Al Ghurair who resigned during the recent general assembly held on the 9 September, 2017.
In addition, 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.
DSI emphasised the completion of its capital restructuring program as a top priority to boost liquidity and stabilise the business.
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, the company stated.