Khamis Juma Buamim is no longer at the helm of Dubai-based tanker operator Gulf Navigation Holdings.
TradeWinds has learned that Buamim submitted his resignation to the company’s board at the end of December and left the company earlier this month.
Gulf Navigation has yet to announce the appointment of Buamim’s successor and in the interim Omar Abu Omar, president of maritime and operations is said to be holding down the fort.
While no reason for Buamim’s resignation has been disclosed, his departure coincides with a new major shareholder coming on board.
In early December UAE-based Goldilocks Investment Company acquired an 18.32% stake in Gulf Navigation, which owns six products tankers and four crew boats.
The deal included 13.64% of Gulf Navigation’s capital as well as a 4.68% holding previously registered to Mashreq Securities.
At the same time, Abu Dhabi-based Tabarak Investment Group, which first bought into Gulf Navigation in 2016, increased its stake to 19.42% following its purchase of a further 1.22% of the share capital.
Goldilocks and Tabarak said at the time that they would work with Gulf Navigation's board of directors to "drive an enhanced business performance."
The pair also said they would support the nomination of new board members. Mustafa Ghazi Kheriba, chief operating officer of Goldilocks parent Abu Dhabi Financial Group (ADFG), and Ajit Vijay Joshi, managing director of Eshraq Properties and an ADFG director, were subsequently appointed to the Gulf Navigation board, replacing Buamim as well as Mohammad Ziad Al Hawari, who resigned from his seat on the board last week.
Buamim, an oil industry veteran who made the jump into shipping when he took over as chairman of Drydocks World in 2010, joined Gulf Navigation as its CEO in April 2016.
