MUSCAT: Muscat Finance, the leading private financial company has informed that the contract of Hussain Ali Ibrahim Al Lawati, the current Chief Executive Officer (CEO) will not be renewed.

In a disclosure to Muscat Stock Exchange on Wednesday, Muscat Finance said it has also appointed Sudeep Vas, Head of Business and Retail, as the Acting CEO. The decision, Muscat Finance, said will come into effect from January 4, 2024. The company is also
“actively engaged in the process of appointing a new CEO.”

“We hereby notify you that the Board of Directors has made the decision not to extend the fixed-term employment contract of our CEO, Mr. Hussain Ali Ibrahim Al-Lawati, due to not reaching to an agreement on the renewal terms. Consequently, the aforementioned contract will naturally reach its conclusion as originally stipulated, brining an end to Mr. Hussain’s tenure as CEO on January 4, 2024,” the statement said.