Aldar appoints John Bullough as its new CEO

Abu Dhabi: Abu Dhabi-based Aldar Properties said yesterday it had appointed its chief operating officer John Bullough as the company's new chief executive officer with immediate effect.

Outgoing CEO Ronald Barrott becomes an adviser to the chairman while remaining a member of the board, Aldar said in a statement.

A top executive of Aldar told Gulf News the company had been planning the changes for a while.

"The company is changing focus. The business required the changes... it's a management decision," said the Aldar executive. "Growth still remains a priority. However, our obligation and focus are necessarily now about executing against the opportunities that have been built for our shareholders, customers and partners," the Aldar statement quoted chairman Ahmad Ali Al Sayegh as saying.

Aldar also said it is in the final stages of appointing a new chief operating officer.

Aldar's development of real estate projects across its portfolio is estimated to have exceeded $72 billion in terms of value with the entire portfolio slated to be completed and delivered over a period of seven to 10 years.