Shuaa Capital, a leading financial services institution in the GCC region, announced today that Colin Macdonald will join the company as group chief executive officer, effective April 12.

It also said Sheikh Maktoum Hasher Al Maktoum will assume the position of executive chairman with immediate effect.

Macdonald will replace Michael Philipp, who has been interim CEO since October 2011. Philipp will continue to support the company, a statement said.

Sheikh Maktoum said: “I would like thank Michael for his contribution during the last six months and for the significant progress we have made under his tenure in implementing Shuaa’s restructuring efforts, defining a clear direction and a long term vision for the company. Thanks to Michael, Shuaa is in a much better position to perform well and inspire confidence among shareholders and clients.

“We have built a strong management cadre at Shuaa and I am confident that Colin has the right skill-set to steer the company through the next phase of our strategic plan,” he said.

 Philipp said: “When I joined Shuaa to help accelerate the repositioning of the firm, one of my mandates was to find a permanent successor for the CEO position. I believe that we now have the right leadership structure with Sheikh Maktoum and Colin to build the leading regional financial services provider, and I look forward to working with Shuaa Capital in the future.”

Macdonald is a banking executive with over 25 years of experience in Europe, the Middle East and Africa. Prior to joining Shuaa Capital he was the group managing director and regional head, Middle East of ABN Amro. – TradeArabia News Service