Abu Dhabi: UAE Exchange, a global remittance and foreign exchange business which last year bought Travelex, named a new chief executive and made changes to its board yesterday.
Deputy chief executive Promoth Manghat has been promoted to chief executive, the Abu Dhabi-based firm said.
Indian-born billionaire Bavaguthu Raghuram Shetty, who founded UAE Exchange, has been appointed chairman of the board.
Nabeel Abdul Rahman, chief executive and vice-chairman of Abu Dhabi-based investment company KBBO Group, was named vice-chairman.
KBBO’s portfolio includes Centurion Investments, which along with another KBBO company Infinite Investments, owns 60 per cent of UAE Exchange.
The board would also include non-executive independent directors for the first time, along with shareholders and management representatives, UAE Exchange said.
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