Dubai-listed Aramex said its chief executive Bashar Obeid resigned from his role after 28 years at the Middle East's largest courier company.
Mr Obeid, who resigned from his position on April 29 for "personal reasons", will continue to lead the company until his successor is announced, Aramex said in a regulatory filing to the Dubai Financial Market (DFM). The executive will stay on as an advisor to the company.
At a meeting scheduled for May 5, the board will discuss the appointment of a new CEO, first-quarter earnings and other business updates, Aramex said.
“I look back at the last 28 years with great pride," Mr Obeid said. "In a challenging global environment, our company is well-positioned to achieve its strategic vision, scale new heights and strengthen its place as a leading industry player in its core markets."
Mr Obeid joined Aramex in 1993 as a fresh graduate and rose through the ranks to the company's helm in 2017 when he was appointed group chief executive. He spearheaded Aramex’s growth strategy, steering the company through its commercial and digital revamp, strengthening global partnerships, expanding its footprint and driving greater efficiencies.
"Bashar has played a crucial role in the growth and success of the company and he leaves Aramex in a powerful position for continued growth and excellence," Mohamed Juma Alshamsi, chairman of the board of directors at Aramex, said.
"He has built a strong management team that will continue his legacy, driving our growth journey forward ... and we look forward to receiving his ongoing expert advice and counsel," Mr Alshamsi said.
In February, Mr Obeid said Aramex plans to focus on serving the healthcare and FMCG segment and will "double down" on its investment in operations and relevant technologies to service those defensive segments.
The company is actively pursuing “strategic acquisitions with a focus on core markets", he said at the time.
ADQ, one of the region’s largest holding companies, acquired 22.25 per cent of Aramex in September through a series of on-market transactions and an off-market special deal.
Aramex was founded in Jordan by Fadi Ghandour in 1982 and was the first company from the Arab world to list on the Nasdaq. It later delisted in 2002 and went public again in 2005 and is currently listed on the Dubai Financial Market. Mr Ghandour sold his remaining shares in Aramex in 2016.