Published: May 4, 2010
Yousef heads new board as regulation forces chairman/CEO split.
The shareholders of one of the UAE’s largest stock exchanges have selected a new chairman after the company was forced to separate the role from its chief executive.
Abdul Jalil Yousef takes the hot seat at Dubai Financial Market from Essa Kazim, who retains his role as chief executive.
Meanwhile, Rashid Al-Shamsi was elected vice-chairman. All three will hold their new roles until 2013.
Dubai Financial Market split the executive and chairman roles to comply with market regulations.
The new board was appointed during the company’s annual general meeting and Yousef thanked the shareholders for electing him. “I hope that the new board will be up to the shareholders’ confidence.”
But one of Yousef’s first duties was to announce an 8% drop in first quarter profits this year as it made US$14.6mn compared to US$16mn during the same period in 2009.
There was also a decline in its income year-on-year, as it received US$24.6mn in the opening three months of the year, down from US$26mn in the corresponding period 12 months earlier.