Dubai – Mubasher: Aramex on Sunday announced that its chief financial officer (CFO) Bashar Obeid has stepped down to exercise early retirement options, in order to pursue other endeavours.

Obeid will continue serving the company as its CFO until 28 February 2018 to ease the transition of his responsibilities to his successor, according to a statement.

The company, which is listed on the Dubai Financial Market (DFM), has appointed its current executive corporate controller Nadia Abusarah as interim CFO to replace Obeid.

Commenting on Obeid’s resignation, Aramex’s CEO Hussein Hachem said: “Throughout his 24 years with Aramex, Bashar helped guide the company to where we are today and worked very hard to grow the business, increase profitability and ensure financial stability,”

“We highly appreciate the years of service Bashar dedicated to Aramex. He leaves a legacy of financial stewardship and discipline that will contribute to our future success for years to come,” he continued.

As for the new appointment, Hachem said that Abusarah was "well-qualified to serve as interim CFO, and we are confident of the key role she will play in the strategic transformation we're executing here at Aramex."

Aramex last reported a 23% year-on-year decline in its profits during the second quarter of 2017 to AED 97 million ($26.4 million), compared to AED 125.7 million ($34.2 million) in Q2-16.

In the first half of 2017, Aramex’s profits reached AED 188.7 million, up 15% from AED 222.5 million in the prior-year period.