Mubasher: Ithmaar Holding, which is listed on Bahrain Bourse as well, has announced the resignation of its CEO, Abdulla Abdulaziz Taleb, according to a bourse filing.

Taleb, who will officially leave the company on 14 April 2024, also resigned from his position as the CEO of the group’s wholly-owned subsidiaries, Ithmaar Bank and IB Capital.

The board members unveiled the CEO’s resignation on 14 March 2023.

In 2023, the company turned profitable at $13.35 million, compared to net losses valued at $20.96 million in 2022.

The accumulated losses hit $838.06 million at the end of the fourth quarter (Q4) of 2023, representing 111% of the company’s $757.68 million capital.