Fawad Tariq Khan will replace Jassim AlSeddiqi as CEO at Dubai’s Shuaa Capital and also retain his current position as head of investment banking.

AlSeddiqi, who is also the chairman of Salama Insurance and Eshraq Investments, remains Shuaa’s largest shareholder, with a stake of 29.9 percent, the company said. He is to become managing director with a seat on the company’s board.

The announcement comes a day after the resignation of company’s vice chairman Ahmed bin Braik.

Chairman Fadil Al Ali said: “On behalf of the board, I thank Jassim for his incredible leadership over the past 11 years. From leading ADFG (Abu Dhabi Financial Group) since its establishment in 2011 to the group’s transformational merger with SHUAA, Jassim has created an investment powerhouse with significant assets under management and an expanded investment portfolio.”

AlSeddiqi will work closely with Khan and Shuaa’s senior management team to ensure a seamless transition, focusing on strategy as well as shareholder and key client relationships.

(Reporting by Imogen Lillywhite; editing by Seban Scaria)