Dubai, UAE March 7, 2012: The Board of Saffar announces the resignation of CEO Mishaal Al-Usaimi effective immediately. Mr. Al-Usaimi leaves Saffar in order to take up a position as one of the five Commissioners of the Capital Markets Authority of Kuwait. Michael Hewitt, a Managing Director with Saffar, has been appointed as interim CEO following Mr. Al-Usaimi's departure.
"Mishaal has been an integral part of Saffar since its inception, particularly during his tenure as CEO over the past five years. His appointment as a Commissioner of the Kuwaiti CMA is a testament to his talent and abilities. We of course are sorry to see Mishaal leave Saffar, but welcome the appointment of Michael as he has been a key part of Saffar management for the past five years and knows the business well." said Yousef Al-Quraishi, Chairman of Saffar.
Commenting on his departure, Mr. Al-Usaimi said, "It is difficult for me to leave Saffar however this is a unique opportunity for me to contribute directly to the development of the markets in my home country of Kuwait. I have worked with Michael for the past five years and know he is the right person to lead the company forward."
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Saffar
Saffar is a regional financial services company offering investment and advisory services. With a focus on direct investments in early stage business opportunities, the group has a track record building successful corporate entities such as Zawya and Credit Suisse Saudi Arabia.
© Press Release 2012
