Arabtec CEO steps down as profits decline in first quarter

Arabtec CEO steps down as profits decline in first quarter:

Arabtec Holding, the Dubai-listed construction firm, reported on Wednesday a 50 per cent plunge in its profits for the first quarter of this year as it recorded some losses on one of its investments.

The company also announced that its chief executive officer, Hamish Tyrwhitt, has stepped down from his position, and will be replaced temporarily by chief financial officer, Peter Pollard.

Arabtec did not provide details on why Tyrwhitt is stepping down, but the board of directors thanked him in a statement for his efforts. The board said Pollard, who will take on the role of acting CEO “has been instrumental in driving the company forward, in line with the group’s strategic priorities.”