Struggling Dubai-based retailer Marka’s CEO has resigned from his post, the company has announced.
In a statement posted to the Dubai Financial Market, the company said that CEO Benoit Lamonerle has left as group CEO for “personal reasons.”
“Until a replacement has been appointed, the management of the company will carry on under the supervision of the board of directors,” the statement added.
In late November, Marka approved plans to reduce the company’s capital by AED450 million ($122.5 million).
At its general assembly, the proposal to decrease its capital from AED 500 million to AED 49.87 million was backed to help the company eliminate AED450 of accumulated debt.
Days earlier, the company – which is in the midst of an ongoing cost control programme – announced a total profit of AED5.5 million for the first three quarters of 2018, compared to a loss of AED88.3 million for the same time period in 2017.
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