Dubai: Sharjah based Invest Bank is experimenting with a twin CEO structure, following the exit of the incumbent Lloyd Maddock, who had been the position since September 2018.
In the new structure, Mohammed Alelaiq takes on the role of CEO for ‘Support and Special Assets’, while Safdar Mandviwala has been named CEO for ‘Business and Strategy’. “Both are charged with protecting value and steering the bank in its strategic direction,” Invest Bank said in a statement.
The Sharjah Government has a 50.07 per cent stake in the bank, which recorded accumulated losses of Dh1.75 billion at the end of last year. At the time, the bank said “legacy issues” related to its non-performing loans impacted on earning capability and “forced it to book significant provisions”.
Invest Bank said in a past statement that it will identify “longer term strategic solutions” to resolve problems in coordination with the Central Bank. It is expected that the plan to address accumulated losses will be disclosed by end September.
The plan will be presented to shareholders for approval via a special resolution.