International Finance

Dubai-based logistics giant Aramex names new chief

Aramex CEO_IFM_Image

Dubai-based logistics giant Aramex has revealed that it has replaced outgoing chief executive officer (CEO) Bashar Obeid, who resigned from his role last week. Aramex has appointed Othman Aljeda as their new chief.

Aljeda is a company veteran who has worked with Aramex since 1994. Over the years, he served as regional CEO in Europe, North America as well as Asia. In 2020 he also served as Aramex’s interim chief operating officer.

With regard to his appointment as CEO, he said, “Aramex is a trusted market leader with a powerful growth story and is well-positioned to navigate and thrive in these unprecedented times.

“Along with the rest of the management team, we will continue to build on our solid foundation, capitalise on our strengths, grow our industry verticals, and take the lessons we learned from the pandemic to find the most innovative solutions and create greater value for our customers.”

Aramex said in a statement to Dubai Financial Market, (DFM) that Obeid is leaving his job for personal reasons, however, he will return as an advisor. He resigned after working for Aramex for 28 years.

Recently, Aramex also revealed that it has suffered a 32 percent drop in net profits for the first quarter of 2021. Profits dropped to Dh46.01 million in the first quarter. Its profit in the first quarter of 2020 was Dh67.41 million.
Obeid said, “The decline in operating profit and EBITDA was impacted by an increase in line haul costs on the back of global capacity constraints caused by supply chain disruptions due to the pandemic.”

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