Arab Bank chairman quits over CEO dispute

World News
17-08-2012 | 01:19
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Arab Bank chairman quits over CEO dispute
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Arab Bank chairman quits over CEO dispute
The chairman of Arab Bank , Jordan's biggest lender, resigned on Thursday after a long dispute with the chief executive over how the bank was run.    

Abdel Hamid Shoman, whose family founded the bank in Jerusalem, announced his resignation in an internal company document seen by Reuters.    

Sources at the bank, one of the Middle East's largest financial institutions, said shareholders refused to back Shoman in a power struggle with CEO Nemah al-Sabbagh.    

A shareholder, who attended a meeting with Shoman this week,   said al-Sabbagh had complained that non-executive Shoman was interfering in decision making.    

REUTERS
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