UAE-based Abraaj Group Ltd CFO Ashish Dave has left the private equity firm, Reuters reported March 12, citing the executive.
"I resigned six months ago to spend time with my family and pursue other opportunities," Dave told the newswire. A new CFO from within the company will be announced soon, a source said.
The company is also considering a round of job cuts, and two more senior executives are also preparing to step down from their posts, "three people with direct knowledge of the matter" said.
In a reorganization of the business resulting in the separation of Abraaj Investment Management Ltd., or AIML, and Abraaj Holdings, Abraaj Group founder Arif Naqvi had handed over the management of AIML to two co-CEOs, Omar Lodhi and Selcuk Yorgancioglu.
The newly appointed co-CEOs have yet to take a final decision on the layoffs, according to Reuters.
Additionally, Abraaj's managing partner and global head of private equity Mustafa Abdel-Wadood and head of MENA private equity Ahmed Badreldin had also proposed to leave several months back, but were asked to stay to support the firm in a difficult period, the three sources said.
The moves come in the wake of a row between the firm and four of its investors in a healthcare fund over the use of their money. The investors included the Bill & Melinda Gates Foundation and the World Bank's International Finance Corp.
A comprehensive review of AIML's corporate structure is expected to be completed within a few weeks.
