Barely a month after it elevated its biggest shareholder to its board and appointed a new chief executive officer, the UAE-based investment firm Shuaa Capital has seen the exit of two board members Christopher Ward and Lamis Al Hashimy.
The exits come as Shuaa has reportedly decided to reduce the size of its board from seven to five members.
Ward is a long-time Deloitte executive and has also served on the board of GEMS Menasa Holdings Ltd. Hashimy was earlier with Dubai Holding.
The Dubai Financial Market-listed Shuaa, which manages assets worth nearly $14 billion, had announced a top-level management shakeup in June. The shakeup had seen the exit of its chief financial officer Joachim Mueller, who had been replaced by Gunshyam Kripa.
Just before the CFO’s exit, the vice chairman Ahmed bin Barik had quit and CEO Jassim AlSeddiqi had been replaced by Fawad Tariq Khan.
AlSeddiqi, who is also the chairman of Salama Insurance and Eshraq Investments, remains Shuaa’s largest shareholder, with a stake of 29.9%. He was elevated to the role of managing director with a board seat.
According to a Bloomberg report, the head of risk management, Shabana Osmani, was also leaving the company.
Shuaa has brought on board more than 20 financial services professionals this year, with more to be hired. “This process also includes certain redundancies, which are part of the company’s performance management cycle,” it said.