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Dubai-based jewellery retailer Damas International on Sunday announced it had appointed Anan Fakhreddin as chief executive officer, replacing acting CEO Sanjay Kalsi. Kalsi will resume his responsibilities as chief financial officer, Damas said in a statement to Nasdaq Dubai.
Fakhreddin is a board member of Damas and most recently was the managing director for Middle East and Turkey at the World Gold Council.
Damas last month named nine new board members after its previous board resigned on orders from the market regulator for failing to prevent the unauthorised withdrawal of funds.
Damas was fined as much as AED2.57 million ($700,000) on March 21 by the Dubai Financial Services Authority and its board asked to resign after an inquiry found its owners, the Abdullah brothers, withdrew about AED365 million without board approval.
On his appointment, Fakhreddin said: "I am delighted to have taken on this role at one of the oldest and most significant retail companies in the region, at a time of renewal and transition.
"Damas has a rich heritage of excellence across all its business lines, and this is the legacy we will look to build upon.
"I am confident that with the support and insight of my colleagues, we will continue to develop Damas as a global leader in jewellery retail."
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