Today GFH issued a press release on the reasons for Mr. Janahi's resignation as well as advising that Mr. Ted Pretty, Acting CEO, had been appointed to replace him on the Board.
In commenting on the reasons for his resignation, Mr. Janahi is quoted as saying.
“Considering the current difficult circumstances, there needs to be an even greater effort from everyone to manage and overcome the crisis affecting the regional and international markets. It demands transparency and dedication to lead Gulf Finance House’s activities in coordination with the executive management. I want to continue concentrating my efforts on supporting GFH, and position it for success as we seek to return to profitability. We enjoy fantastic support from the Board and its shareholders and God willing, target returning to profitability in the first quarter.”
Indeed, especially the transparency part. Being honest with the market, in other words كلام شريف is highly important. GFH was downgraded from BBB- on 26 November 2009. It's current rating is SD. It's website still has to reflect the first downgrade. Of course, that first downgrade only occurred 83 days ago so let's not be too harsh.
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