Drake & Scull appoints new CEO, CFO to strengthen executive team
The appointments come at a critical time as the firm proceeds with finalising the organisational & financial reorganisation plan
Dubai Financial Market-listed contractor Drake & Scull International (DSI) has appointed Munir Mansour as the CEO and Peter Lalor as the CFO, as the company looks to strengthen its executive team.
Last year, in April, the contractor fired it’s then CEO, Tawfiq Abu Soud as well as CFO, Khaled Jarrar and chief legal officer, Mohamad Ghanem, to support its restructuring efforts in a bid to return to profit.
Commenting on the new appointments, chairman of the board of directors of DSI, Shafiq Abdul Hamid, said in a stock market filing: “They join us at a critical time as we proceed with finalising the organisational and financial reorganisation plan.
"We are confident that their extensive experience and highly relevant skillsets will enable us to re-establish DSI as a leading MEP contractor in the region,” added Hamid.
According to the statement to DFM, DSI made an application for its financial reorganisation process to be conducted under the supervision of the Financial Reorganisation Committee (FRC), which was accepted in May 2020.
Following which, the FRC confirmed the appointment of Aaronite Partners FZ LLC as the FRC expert.
The statement added: “This acceptance marks a significant development towards achieving a successful financial reorganisation of DSI. The FRC’s role is to facilitate the financial reorganisation through consensual agreement with the DSI’s creditors in an out-of-court process.”
Further to the appointment of the FRC expert, DSI has formally initiated "a process to allow all relevant creditors to register claims" with them that comes as a broader plan to reorganize the company.