DUBAI, (Reuters) – George Makhoul, Morgan Stanley’s head of Middle East and North African operations, has resigned for personal reasons, a spokesperson said on Wednesday.
George Makhoul, who helped establish the investment bank’s operations in the region in 2005 and served as managing director and president, will stay in the job for several weeks to help with the transition process.
“He has resigned. He’s leaving of his own accord,” the spokesperson said, asking not to be identified. “It’s for personal reasons, he’s going to work for himself.”
Makhoul previously worked at Morgan Stanley in London and Toyko before moving to Dubai.
He will be replaced by Habib Achkar, CEO of Morgan Stanley Saudi Arabia, who has been with company for 20 years. Achkar was previously head of sales and trading at Morgan Stanley in France and moved to Saudi Arabia in 2008.
The resignation comes two weeks after the firm appointed Cyrus Behbehani as new chairman of its Middle Eastern investment banking division.