Nakheel Properties appoints new CEO
17/10/2012
In July 2011, Chris O'Donnell, a former Chief Executive Officer (CEO) of Nakheel Properties which is one of the leading developers in Dubai that built a number of iconic developments projects such as the artificial archipelago, Palm Jumeirah, and the world-shaped islands, The World, has left and sued the company consequently. Then, after a couple of months, he was appointed by another property management development company which is the Al Futtaim Real Estate Group.
As of now, Nakheel Properties has decided to look for a qualified individual who will replace the above-mentioned particular position of Chris O'Donnell. Fortunately, the company has recently found Sanja Machanda, a chartered accountant and former finance director of the previous company that he was working with. In other words, he was being appointed as a new Chief Executive Officer of Nakheel Properties.
In the first place, prior to such appointment, Sanja Machanda, a graduate from New Delhi's Shri College of Commerce, was hired by Nakheel from PricewaterhouseCoppers in October 2012 to help the company financially restructure its billions of debt worth of AED60 billion. In fact, based on the report, he has succeeded in reaching an agreement with both banks and creditors on a five-year plan. For this reason, he was subsequently promoted to be an Acting CEO of the company for the meantime.
According to him, he said that such great appointment is a big challenge for him; nevertheless, as he has been working in the company for two years, in which he has been part of its complicated financial restructuring plans, he can now implement those plans accordingly.
So, as a newly-appointed CEO of Nakheel Properties, Sanja Machanda emphasized that the company will be more focused particularly on what the market needs at the moment. Then, as its finance and development go hand in hand, it is still making sure that it needs to pay its financial obligations from involved parties.
As of now, Nakheel Properties has decided to look for a qualified individual who will replace the above-mentioned particular position of Chris O'Donnell. Fortunately, the company has recently found Sanja Machanda, a chartered accountant and former finance director of the previous company that he was working with. In other words, he was being appointed as a new Chief Executive Officer of Nakheel Properties.
In the first place, prior to such appointment, Sanja Machanda, a graduate from New Delhi's Shri College of Commerce, was hired by Nakheel from PricewaterhouseCoppers in October 2012 to help the company financially restructure its billions of debt worth of AED60 billion. In fact, based on the report, he has succeeded in reaching an agreement with both banks and creditors on a five-year plan. For this reason, he was subsequently promoted to be an Acting CEO of the company for the meantime.
According to him, he said that such great appointment is a big challenge for him; nevertheless, as he has been working in the company for two years, in which he has been part of its complicated financial restructuring plans, he can now implement those plans accordingly.
So, as a newly-appointed CEO of Nakheel Properties, Sanja Machanda emphasized that the company will be more focused particularly on what the market needs at the moment. Then, as its finance and development go hand in hand, it is still making sure that it needs to pay its financial obligations from involved parties.
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