Arkan's CEO Abdellatif Sfaxi resigns to "pursue other opportunities"
The company’s board of directors have appointed Eng. Abdelaziz Asad, the chief operating office as the acting CEO.
Abu Dhabi Securities Exchange-listed Arkan Building Materials Co (Arkan) has revealed that its CEO, Abdellatif Sfaxi, has resigned from his role to “pursue other career opportunities”.
Following the announcement, the company’s board of directors have appointed Eng. Abdelaziz Asad, the chief operating office as the acting CEO.
In a stock market filing, the company said that Sfaxi, who had a 12-year stint with the building materials giant, will “continue to work closely with Eng. Asad for the next three months to ensure a smooth transition”.
“Despite the challenging market environment for the construction industry, the business continues to perform well, with a broad portfolio of products and a strong order book,” Arkan added in the statement.
Eng. Jamal Salem Al Dhaheri, chairman of the board of directors at Arkan, said that during his tenure as the CEO, Sfaxi had “reinforced market leadership, driven a broader product diversification, helped open new markets with innovative product solutions, and driven efficiencies to address the challenging market environment in recent years”.
He added that Eng. Asad was “well suited” for the role of acting CEO at Arkan, due to his experience serving within senior management roles across the business.
Eng. Asad has nearly 30 years of experience in the building materials sector. He joined Arkan in 1991, and since then has held a wide range of senior management roles across the company.