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Hunter & Chase Place New CEO & CFO at Rakeen - Large Real Estate Firm in Gulf

29 November 2012

Download the official case study:  Hunter & Chase Place New CEO & CFO at Rakeen - Large Real Estate Firm in Gulf

CLIENT PROFILE  

Rakeen is one of the largest property development businesses in the gulf region in terms of landbank value. It has fresh approach to development, focusing on creating eco-friendly and architecturally unique property havens for living and working. It also has substantial international development projects in Europe, Africa and Asia.

THE NEED

Rakeen was in need of a major shakeup, results were poor and getting worse, with continued bad investments - despite taking global economic trends into account. The chairman and company board felt a new CEO and new CFO where required, to take advantage of opportunities available for Rakeen, to drive down costs and build a new team to deliver better results based on sound foundations. Further, these individuals would seek investors into some mainstream projects, sell off undesired assets and find new assets and companies to acquire.

HUNTER & CHASE ACTIVITY

Hunter & Chase were provided brief details about the positions at Rakeen. After piecing together the full picture, the Hunter & Chase project team gathered intelligence on key competitors, regional companies and globally desired individuals. Following a comprehensive intelligence gathering and research exercise over 400 CEOs and CFOs were identified. The list of executives was filtered down, excluding those that did not fit the required criteria or salary budget, thus key individuals were then approached.

 

Following a pre-screening exercise involving headhunters and support team members, and long list of 25 executives was drawn up including three pairs, (i.e. CEO and CFO already working together), this list was then reduced to 10 for the client to progress forward. Following successful interviews held in London, the client progressed two candidates per position, and flew them to the UAE for face to face meetings with the board and to provide candidates with live tours.

 

An astute CEO from the UK with extensive experience and contacts all over the Middle East was selected, who was persuaded by Hunter & Chase to take on this challenge with a more incentive based package (thus minimizing risk for client) and to relinquish both exiting non-executive roles at other firms. Further, a credible CFO was selected, who, had recently performed a huge turnaround at Al Barwa in Qatar, where he had $40 Billion in assets under control, he had managed huge cash flows and reduced costs substantially. Again Hunter & Chase played a key role in acquiring this CFO and finalising the contract, as well as other details, in a deal mutually beneficial to both parties.


TESTIMONIAL

" Hunter & Chase did a fantastic job of not only finding many credible candidates, but also persuading executives of this calibre to take on the challenges at a company with tricky assets, spiralling costs, bad investments, and many other financial as well as business challenges. Further Hunter & Chase were instrumental in assisting us with negotiations and managing the process beginning to end, I was impressed with the service, professionalism and skill of the headhunters. "  HR Director, (Parent Company) Rakeen


Download the official case study:  Hunter & Chase Place New CEO & CFO at Rakeen - Large Real Estate Firm in Gulf

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