Dubai logistics firm Aramex CEO Othman AlJeda resigns

Dubai: The Dubai-based logistics firm Aramex has confirmed a new acting CEO after Othman AlJeda, the incumbent, resigned for personal reasons.

The change at the top comes just weeks after Abu Dhabi's Q Logistics - part of the ADQ group - bought a majority stake in Aramex. The move creates a 'UAE based logistics champion', according to market watchers.

Aramex's acting CEO will be Nicolas Sibuet, who has been the CFO since January 2022.

According to Capt. Mohamed Juma Alshamsi, Chairman of Aramex, “Speaking on behalf of the Board, I would like to thank Othman for his extraordinary commitment to Aramex over 31 years of service.

"His leadership, dedication, and unwavering belief in the potential of this company have been instrumental in shaping Aramex into the global logistics player it is today."

AlJeda had been credited with ensuring a smooth turnaround for Aramex with a round of extensive financial and operational restructuring. He brought in a crack management team to help with the process, and the results had been evident in recent financial results.

It was in January that the offer from Q Logistics came about to take over the whole of DFM-listed Aramex. A significant shareholding in Aramex is also held by ADQ entity AD Ports Group. The deal has proceeded smoothly with existing Aramex shareholders, resulting in a majority of the stock now vesting with Q.

In a statement AlJeda said: "From my earliest days on the ground, to the many challenges and milestones we have faced together, I have grown alongside Aramex — not only as a professional, but as a person. I have full confidence in Aramex’s future..."