Dubai: DP World Group Chief Executive Officer Mohammad Sharaf has retired from the company with immediate effect, the Dubai-based port operator said on Wednesday.
Sharaf is stepping down after 11 years as Group CEO and 23 years in total with DP World, according to a statement posted on the Nasdaq Dubai.
DP World Chairman Sultan Bin Sulayem will take over Group CEO duties on an interim basis until the board appoints a permanent successor, the statement said.
Sharaf thanked His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, and Bin Sulayem for the opportunity to work at DP World.
“It has been a very exciting journey and I am confident that the team will continue taking DP World to even greater heights.”
Bin Sulayem also thanked Sharaf for his service with the company. “He has been an invaluable part of the success we have achieved and I wish him well for his retirement.”
DP World, with a portfolio of over 65 terminals in six continents, is one of the world’s largest port operators. It is majority-owned by the Dubai government through Dubai World.
DP World shares closed on Wednesday up 0.58 per cent at $17.30.
