DP World’s long-serving chief executive Mohammed Sharaf has retired with immediate effect, the Dubai-based port operator said on Wednesday.
Sharaf had been CEO for 11 years and worked for the company for 23 years, a statement to the Nasdaq Dubai bourse said.
DP World’s Chairman Sultan bin Sulayem will carry out the CEO’s duties on interim basis, it said.
Sharaf said: “I would like to thank His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, Sultan bin Sulayem, chairman of DP World and the DP World Group for giving me the opportunity to be part of the success story of DP World. It has been a very exciting journey and I am confident that the team will continue taking DP World to even greater heights.”
The company has a portfolio of more than 65 marine terminals across six continents, according to its website.
DP World’s market capitalisation is $14.3 billion, making it Dubai’s largest listed company by market value.