The chief financial officer of Dubai-based Shuaa Capital PSC has stepped down, to be replaced by a new finance director, the company disclosed today, after a week of top-level changes. 

Gunshyam Kripa has been promoted to the position, the investment bank and asset manager revealed in a statement to Dubai Financial Market (DFM), and will replace Joachim Mueller, who is stepping down.

Shuaa Capital oversees about $13.9 billion in assets.

The change follows a week of high-profile reorganisation at the company, including the resignation of the vice chairman followed by the replacement of the CEO.

“Our business has transformed over the years with a razor focus on building efficiencies and shareholder value. With this in mind, we have full confidence in Gunshyam’s ability to take this step with us as we move the company forward,” the statement said.

Shuaa Capital has hired more than 20 financial services professionals so far this year, with more to be hired to strengthen client offering, the statement noted. 

“This process also includes certain redundancies, which are part of the company’s performance management cycle,” it said.

According to a Bloomberg report, the head of risk management, Shabana Osmani, is also leaving the company.

Shuaa also confirmed earlier this week the completion of a leveraged buyout (LBO) of Allianz Marine and Logistics Services.

(Reporting by Imogen Lillywhite; editing by  Seban Scaria)