Emaar Properties, Dubai’s largest listed company by market value replaced its group chief executive Low Ping in a low-key move last year, replacing her with Abdulla Lahej.
Sources have told Reuters that Ping’s departure took place towards the end of 2013 and Lahej was appointed soon after, but neither of the developments were made public by the company.
No reasons have been provided to explain why Ping returned home to Singapore. She was made group chief executive a few years after joining Emaar in 2002 as an executive director for finance.
“It’s a bit baffling that the biggest listed company in Dubai would replace its CEO and not tell the market about it,” said a banker according to a Reuters report. “Emaar is doing exceedingly well, but you would expect that such matters are communicated to the investors,” he continued, adding that Ping was seen as a close aide of company chairman and founder Mohammad Alabbar.
Emaar sources remained unavailable for comment.