Aldar new CEO

[sharewadi]

Aldar Properties announces a new CEO. This comes shortly after the apparent disagreement over the Aldar share buyback - Mr Barrott was reported to have said they were considering a buyback, but a follow up statement from Aldar said they were not considering a buyback.

There were also conflicting statements in August about Aldar revenue booking policy, depending on whether you listened to Mr Barrott, Aldar Properties, or read their financial statements.

I don't know whether Mr Barrott's departure from the CEO post is related to the inconsistent and opaque information flow from Aldar but it appears that Aldar are more than happy with his services, as he is still on the board and has been retained as advisor to the Chairman.

Press Release 12 October 2008:

Aldar announces senior leadership changes Aldar Properties (ALDAR) has announced an evolved leadership team to meet the changing demands of its business strategy. Following the exponential growth of its project footprint over the last three years, the new leadership structure is a reflection of a required focus on execution and project delivery. The reconfiguration sees current Chief Operating Officer John Bullough become Chief Executive Officer. Current CEO Ronald Barrott becomes an advisor to the Chairman whilst remaining a member of the Board. Both appointments are with immediate effect. The Company has also announced that it is in the final stages of appointing a new Chief Operating Officer, with the appointment to be made within the current quarter. Commenting on the changes Ahmed Al Sayegh, Chairman said: 'Our business has benefited hugely from an entrepreneurial focus on growth led by Ron Barrott over the last three years and I look forward to his contribution as advisor to Aldar. Growth still remains a priority; however our obligation and focus are necessarily now about executing against the opportunities that have been built for our shareholders, customers and partners.'

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