Drake & Scull International, the Dubai-based engineering and construction services firm, has announced the appointment of Abdulla Atatreh as the new chairman of the board, during the first convening of the newly-elected board members.
In a statement released by the contractor, it said the board has ratified a series of procedural decisions necessary for the company to conduct business as required and chose new committee members from among its ranks.
The second general assembly meeting had convened earlier on September 9, 2017, and ratified the appointment of the new board members and elected additional members to fill the vacancies that resulted from the resignation of former members of the board.
During the board meeting on September 13, 2017, in addition to Atatreh’s appointment, the board also elected independent member Ahmed Saeed Al Hamiri as vice chairman; and Abdulla Fareed Algurg as a new board member.
Algurg replaces the vacant seat of Majid Al Ghurair who resigned during the recent General Assembly Meeting held on the 9th of September 2017. At the executive level, Board Member 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.
“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,” said Abdulla Atatreh, chairman of DSI.
“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.”
During its inaugural meeting, the board emphasised the completion of DSI’s capital restructuring program as a top priority to boost liquidity and stabilize the business.