June 21, 2015 / 12:32 PM / 3 years ago

MOVES-Kuwait's The Securities House CEO to depart, replaced by Gatehouse chairman

KUWAIT, June 21 (Reuters) - The chief executive of Kuwait’s The Securities House said on Sunday he was stepping down from his position at the sharia-compliant investment firm and would be replaced by the current chairman of U.K.-based Islamic lender Gatehouse Bank.

Ayman Boodai would be succeeded as head of The Securities House by Fahed Boodai, who is a member of the same family, after large shareholders agreed to the change, Ayman Boodai told reporters.

Legal steps to allow the change have begun, with a new board of directors needed to be elected before a new chief executive can be nominated.

The Securities House is one of two big shareholders in Gatehouse Bank, with the other being Kuwait Investment Authority, the country’s sovereign wealth fund.

Separately, Ayman Boodai said Gatehouse Bank plans to open a number of branches or representative offices in Gulf countries without offering details.

Reporting by Ahmed Hagagy; Writing by Hadeel Al Sayegh; Editing by David French

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