Monday, June 14, 2010

Ted Pretty Resigns from Khaleeji Commercial Bank

A very puzzling announcement by KHCB on the Bahrain Stock Exchange today.  Ted Pretty resigned from the Board. 

Putting aside the fact that it took three weeks for KHCB to bring this news to the attention of the BSE, it would seem that GFH would want a senior officer on the Board since it appears to have reversed its decision to sell its 37% stake in the Bank.  There is no announcement on his replacement.

Could this mean that it has changed its mind again?  US$120 million in looming debt repayments could be a compelling reason.   

Is Mr. Pretty too busy at GFH to give KHCB the attention it deserves?

Or is Mr. Pretty headed for a less stressful position?

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