Dubai-headquartered Aramex’s CEO Bashar Obeid resigns

Bashar Obeid, the CEO of Dubai’s logistics solution provider Aramex, resigned from his post on Thursday, April 29.

In a filing to Dubai Financial Market, where the company is listed, it cited that Obeid chose to resign due to “personal reasons”.

The board of Aramex will now convene on Wednesday, May 5, to discuss the appointment of a new CEO.

Obeid will continue to serve in his present role until a successor is appointed, after which he will serve as an advisor.

Obeid, who joined Aramex in 1993, was a member of the team that oversaw Aramex’s public offering on the NASDAQ stock exchange and later on the Dubai Financial Market (DFM).

For the full year 2020, Aramex’s revenue was reported as Dhs5.5bn, a 9 per cent increase over the previous year, and the highest revenue on record.

However, for FY 2020, Aramex’s net income was Dhs285m, down 42.7 per cent from Dhs497.4m from the previous year, and normalised net income for the period was Dhs377.6m, down 24.1 per cent year-on-year.

In September last year, Abu Dhabi-based holding company ADQ acquired an approximately 22 per cent of the issued share capital of logistics solutions provider Aramex. The shares were acquired through a series of on-market transactions and through an off-market special deal.

Read: Abu Dhabi’s ADQ acquires 22% of courier firm Aramex