Investor and Media Centre

Mohannad Sweid Steps Down From Depa Board

Apr 20 ,2016

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MOHANNAD SWEID STEPS DOWN FROM DEPA BOARD


20 April 2016; Dubai, UAE:
Limited [Nasdaq Dubai: DEPA; ""the Company""/""the Group""], one of the world's leading interior contracting companies, announces that Mohannad Sweid has today resigned from his position as a Non-Executive Director with immediate effect. Hamish Tyrwhitt, the Company's newly appointed Group Chief Executive Officer, will join the Board in an Executive Director capacity.

Mr Sweid played a defining role across the Group's 20 year history, having co-founded Depa Interiors in 1996, which became part of Depa United Group. He served as the Company's CEO until October 2013 and, during his tenure, led Depa's strategy of overseas expansion and growth through acquisition. Mr Sweid had re-joined Depa's Board of Directors in July 2015.

Mr Tyrwhitt has three decades of senior leadership experience in the global engineering and construction sectors. His appointment to the Group's Board of Directors will allow for an integrated approach between the Board and Executive Management to support the strategic objectives of the business. Recently, he was CEO of Australian Securities Exchange-listed Leighton Group, now known as CIMIC Group, where he oversaw subsidiaries including Leighton contractors, Thiess, John Holland, Leighton Asia and Leighton Properties across 23 international markets.

Mr Mohamed Al Fahim, Chairman of Depa Limited, said: ""Mohannad Sweid played an invaluable role throughout Depa's 20 year history, and on behalf of the Board and the wider Group, I thank him for his service and wish him well for the future. In addition, I welcome Hamish Tyrwhitt to the Board – he brings a wealth of international Board-level experience and his appointment as an Executive Director will allow for the seamless integration of strategy between Board and Executive Management as Depa continues to seek opportunities for growth.""

On 17 April 2016, Depa appointed Mr Tyrwhitt as Group CEO, following an extensive international search for an exceptional candidate. He has an outstanding track record in leadership positions, and brings direct experience of successfully managing companies of the size, breadth and diversity of Depa.

Depa specialises in the turnkey fit-out and furnishing of five star hotels and resorts, high-end retail stores and malls, luxurious offices, large scale infrastructure projects such as airports, villas, palaces, private jets and yachts around the world.


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For further enquiries, please contact:

ASDA'A Burson-Marsteller
Tom Drummond or Jonathan Smith
Tel: +971 4 4507600
depa@bm.com
 
Depa Ltd
David Holiday
Group General Counsel & Company Secretary
Tel: + 971 4 446 2100
ir@depa.com

 

For more information, please refer to the corporate website: www.depa.com

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info@depa.com

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