Nakheel on Wednesday announced the departure of its Chief Executive Officer Chris O’Donnell after completing his contract terms.
Sanjay Manchanda will be replacing O’Donnell as acting CEO until further notice.
"Chris has decided to leave Nakheel following five years spent with the company. Mr. Manchanda is currently the Chief Finance Officer of the company. The Board of Directors of Nakheel wish Mr. O’Donnell all the best in his new endeavours," said a Nakheel statement.
O’Donnell has over 30 years’ experience in the property industry. Before joining Nakheel in June 2006, he spent five years as managing director of the Investa Property Group in Australia where, under his leadership, the Australian Stock Exchange listed company increased its funds under management from A$800 million (Dh2.7bn) to A$6.2 billion.
A number of transactions were conducted during this period including a hostile takeover of Principal Office Fund (A$1.9bn) in 2003 and the acquisition of one of the largest residential property companies in Australia, Clarendon Property Group Pty Limited (A$645m) in 2005.
O’Donnell has also held other senior executive positions with prominent Australian organisations including Lend Lease, Leighton and Westpac Banking Corporation.