DP WORLD's long-time CEO, Mohammed Sharaf, 54, has "retired" from the Dubai-based ports company, reports UK's Seatrade Maritime News.
Mr Sharaf, 54, spent 23 years at the group, 11 of them as CEO, has been regarded as highly successful, though annual revenues have been flat at US$3 billion and the Nasdaq Dubai-traded stock is still worth three-quarters of its 2007 IPO value.
"It has been a very exciting journey and I am confident that the team will continue taking DP World to even greater heights," said Mr Sharaf.
Said DP World chairman Sultan bin Sulayem: "I would like to thank Mohammed for his years of dedication and service. He has been an invaluable part of the success we have achieved and I wish him well for his retirement."
DP World said the board has commenced a process to identify a permanent successor. "Pending that appointment, the chairman of the company will carry out the group CEO's duties and functions on an interim basis," said a DP World statement.
DP World's market capitalisation of $14.3 billion makes it the company Dubai's most valuable. It owns a portfolio of more than 65 terminals across six continents.
It said last month it would invest around $1.9 billion in two terminals in China.
In May, Mr Sharaf said that gross capacity was 72 million TEU across DP World's portfolio, and enthusiastically vowed to double it to as much as 150 million TEU, a process likely to take a decade or more.
Source : HKSG.