Two board members have resigned from Dubai-based asset manager Shuaa Capital effective today (Friday), as the company decided to reduce the size of its board members from seven to five.

Christopher Ward, who is also a former long-standing Deloitte executive and former board member of GEMS Menasa Holdings Ltd, and Lamis Al Hashimy, formerly of Dubai Holding, have both resigned, the company said in statements to Dubai Financial Market today (Friday).

The Dubai-based investment asset management company’s general assembly approved a resolution yesterday (Thursday) that it should be managed by a board of five members, whereas previously the board has been made up of seven people.

Shuaa Capital announced a series of top-level job shakeups last month which it said were part of its performance management cycle.

(Writing by Imogen Lillywhite; editing by Seban Scaria)