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World's 3rd largest port operator announces retirement of long-term CEO

Xinhua, January 27, 2016 Adjust font size:

Dubai Ports (DP) World, the world's third biggest maritime port operator in terms of assets, said on Wednesday that its Chief Executive Mohammed Sharaf has retired to pursue other opportunities.

The board has commenced a process to identify a permanent successor. Pending that appointment, the chairman of the company, Sultan Bin Sulayem, will carry out the CEO's duties and functions on an interim basis, the firm said in a filing to the stock exchange, Nasdaq Dubai, on which its shares are traded.

Under Sharaf, DP World listed its shares on Nasdaq Dubai in November 2007 in a 4.96-billion-U.S.-dollar initial public offering, the biggest IPO in the Middle East at that time.

DP World shares lost slightly on early Wednesday, but recovered afterwards. Endit