Dubai: Iyad Malas, chief executive of Dubai-based retail and hospitality conglomerate Majid Al Futtaim (MAF) Holding, has stepped down, according to a statement on Tuesday.
Malas, who held his role at MAF for six years, has left the company to pursue other interests.
Alain Bejjani, who is currently the company’s chief corporate development and brand officer, has been appointed as its new chief executive with immediate effect. Bejjani is a member of the holding executive committee, and has helped drive the company’s rebranding, business vision, strategy, and innovation, across the company’s brands.
“Alain was the driving force behind the initiatives to redefine our corporate brand and our ‘sense of purpose’ in the market. His passion, visionary leadership, and indomitable drive are invaluable assets to spearhead the next chapter of Majid Al Futtaim’s history and take advantage of the incredible opportunities ahead,” said Sir Michael Rake, chairman of MAF Holding, in a statement.
MAF recently announced that it will be doubling the size of its business over the next five years, opening new supermarkets and hypermarkets, as well as family entertainment centres. It reported a 10 per cent year-on-year increase in earnings before interest, taxes, depreciation and amortisation to Dh3.6 billion in 2014.
