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CEO of Damac Properties to resign

Peter Riddoch, CEO of Damac Properties announced on Monday that he will be resigning as CEO of the UAE-based property developer next month.

  • Staff Report
  • Published: 14:11 September 7, 2009
  • Gulf News

Dubai: Peter Riddoch, CEO of Damac Properties announced on Monday that he will be resigning as CEO of the UAE-based property developer next month.

Riddoch said he arrived at his decision to leave with great difficulty but that it was time for him to move on.

“To leave an organisation that has been a significant part of my life for so many years will not be easy, but I know that the time is right for me to make some changes, focus a bit more on my personal interests and family, and possibly even take on new challenges," Riddoch said.

Hussain Sajwani, Chairman of Damac Properties confirmed that he had reluctantly accepted Peter's resignation and that although he was sad to lose him that he wished him every success for the future.

He said: ‘'Peter has contributed significantly in steering our business over the past seven years and as an organisation we have greatly benefited from his industry knowledge and experience."

Until such time as a suitable replacement for Riddoch is appointed, day to day operations will be run by the senior management team at Damac Properties under the direction of the Chairman.

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