(Bloomberg) — Drake & Scull International fired its chief executive officer, chief financial officer and chief legal officer as the Dubai-based contracting and engineering firm posted a record loss.
The board approved and ratified to terminate the services of group CEO Tawfiq Abu Soud, CFO Khaled Jarrar and chief legal officer Mohamed Ghanem, according to a statement. The company will be managed by an executive committee until replacements have been found.
Drake & Scull, which has been suspended from trading since November, said its loss widened to 4.5 billion dirhams ($1.23 billion) last year from 1.18 billion dirhams. Revenue slumped to 798 million dirhams from 2.64 billion dirhams.
With assistance from Rim Oueidat and Abeer Abu Omar.To contact the reporter on this story: Shaji Mathew in Dubai at [email protected]