ASRY set to appoint chief

Manama : ASRY is set to select its new Chief Executive, revealed ASRY chairman Shaikh Daij bin Salman bin Daij Al Khalifa, adding that the announcement will be made before December.

The decision was revealed during the 145th meeting of ASRY’s Board of Directors held on October 13 at the company’s headquarters in Hidd.

“Both the criteria and the process of finding the ideal candidate to lead the management of ASRY into a new era have been very carefully considered during this transition period,” said the ASRY Chairman. “A combination of vision and experience will be required to maintain and strengthen ASRY’s competitiveness going forward. The process is on schedule, and we will be in a position to announce a decision before December 2016.” 

The board discussed the overall challenging situation of the market and reviewed the company’s performance, mentioning that the total sales up to the end of September 2016 of US$114.5 million.

Contributing factors to the level of performance were discussed, including regional and international economic pressure, regional competition in the shipyard market, as well as the fluctuations in oil price.

The board confirmed several measures being implemented to combat the challenging conditions. These included the ongoing roll-out of cost-efficiency measures within the company, as well as the appointment of a business advisory firm to assist in the assessment and creation of the best possible forward strategy for the company’s future success. The consultants will be working with the ASRY leadership to address the present and future challenges facing the company and propose the most effective solutions.

The board also agreed to appoint a new manager to oversee the branch of the company in the Eastern Province of Saudi Arabia, noting the Kingdom and other GCC countries being major clients of ASRY.