Dubai World today announced the resignation of David Jackson, the chief executive of Istithmar World who oversaw some of the investment firm's glitziest purchases. Mr Jackson, a Wall Street veteran, joined Istithmar in 2003 as its chief investment officer, climbing to the post of chief executive in 2006. He had previously worked for 10 years in New York at numerous investment banks, including the collapsed Lehman Brothers.
Mr Jackson had been one of Dubai World's most high-profile hirings and helped raise the image of the government-owned conglomerate's private equity arm with such investments as the US$942.3 million (Dh3.46 billion) purchase of the luxury retailer Barneys New York in 2007. But Istithmar's focus has shifted to managing and possibly selling existing assets as Dubai World seeks to restructure $22bn of debt.
Dubai World named Andy Watson as its acting chief executive. "We are pleased that Andy is stepping in as acting CEO of Istithmar World," said Aidan Birkett, the chief restructuring officer at Dubai World. "His experience will be vital in actively managing the portfolio of assets held by Istithmar World." Mr Watson, who was previously a director with Barclays Capital, the investment banking division of Barclays Bank, takes up his new role immediately.
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