Abu Dhabi-based Al Jaber Group has confirmed its chief executive, David Nelson, had left the group, although it declined to comment on sources telling Reuters the conglomerate had also scrapped plans to sell its heavy lift unit.
The group, whose main business is construction but also has interests in areas from retail to aviation, sealed a drawn-out debt restructuring agreement in June which is said to have set new terms on around $4.5 billion of obligations.
The family-owned group brought in Mr Nelson in late-2012 as part of an introduction of outside personnel into senior management aimed at reviewing and modernising business practices.
However, a spokesman confirmed on Sunday that Mr Nelson had left for family reasons and Mike Grant, the company’s chief restructuring officer, had assumed the position of interim chief executive.
Mr Grant joined Al Jaber as restructuring head in November 2011.
The group has seen a number of management changes in the past two years. Richard Hollands, who was named finance head in November 2011, resigned in April 2013. He was replaced by Robert Palazzo, who served as an interim CFO until incumbent Sam Deeb was appointed in January 2014.
A sale process for the company’s heavy lift business has been abandoned, according to three sources aware of the matter.
The divestment of the unit, which provides heavy lifting and transportation of machinery and other projects equipment, would have been the first asset sale since the signing of the restructuring deal, which is predicated on giving Al Jaber time for its assets to be sold off to repay its outstanding debts.
The Al Jaber spokesperson said the group does not comment on market speculation when asked if the sale had been scrapped.
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