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DP World’s CEO retires

Dubai-headquartered terminal operator DP World has announced that 53-year-old Mohammed Sharaf has retired with immediate effect from his role as CEO.

In a statement, the company claimed that Sharaf, who worked for the group for the past 23 years and was its CEO for the past 11, retired to pursue other opportunities.

The operator’s board has begun a process to identify a permanent successor and Ahmed Bin Sulayem, chairman of the company, will carry out the CEO’s duties and functions on an interim basis.

Talking about Sharaf’s retirement, a DP World’s spokesman told CM: “This is something he [Sharaf] has been thinking about for some time and we respect his decision.”

Sharaf said in a company statement: “It has been a very exciting journey and I am confident that the team will continue taking DP World to even greater heights.”

The operator, which will release its 2015 throughput on February 8, will publish on March 17 its preliminary results for the twelve months ended on December 31, 2015.

Bin Sulayem said: “He [Sharaf] has been an invaluable part of the success we have achieved and I wish him well for his retirement.”

DP World recently announced that it is launching a new joint venture (JV) with a state-owned Russian investment fund to upgrade ports and logistics infrastructure in Russia.

The operator will own an 80% shareholding in the JV, which will be called DP World Russia, while the Russian Direct Investment Fund (RDIF) will hold the remaining 20%.