One of Saudi’s biggest fleet owners, contractor Mohammad Al Mojil Group (MMG) has appointed turnaround specialist Stewart Macphail as acting CEO as it begins its restructuring programme.
CEO Ibrahim Zadeh resigned at the end of May after the company posted a $265 million loss in Q4 2011 and a fall in profits of 31% in Q1 2012. Macphail has been has been the managing partner for Middle East and North Africa at Consilia Partners. Previously, he served as the Group CEO at Riyadh-based Fawaz Alhokair Group with responsibility for the implementation and the day-to-day operational and strategic running of the retailer.
MMG brought in accountancy house PricewaterhouseCoopers (PwC) as a financial advisor following the resignation of Zadeh to handle an internal review of the operation to improve efficiency and reduce costs.
MMG’s equipment services unit manages and maintains a fleet of approximately 5,057 units of cranes, earth movers, air compressors forklifts, pumps, trailer tractors, blasting machines and other construction related equipment throughout the Kingdom.