NEWS

Fareed To Lead FHL Group Again

Nouzab Fareed, group chief executive officer of Fijian Holdings Limited, was given another term to serve the group. Accordingly, the incumbent will continue to lead the group until late 2019.
14 May 2016 14:35
Fareed To Lead FHL Group Again
FHL

Nouzab Fareed, group chief executive officer of Fijian Holdings Limited, was given another term to serve the group. Accordingly, the incumbent will continue to lead the group until late 2019.

Group chairman Iowane Naiveli said, “Being a listed company, the board followed a transparent and independent process to select the right person to lead the group. Based on merit and a required skills set, we selected Nouzab Fareed as the best candidate for the job. He has performed consistently since he took over the job in 2011.”

Mr Fareed joined the group in 2004 as the general manager finance and administration and then rose to chief finance officer, chief investment officer and to group CEO. During his tenure as group CEO, he was instrumental in acquiring South Sea Cruises, Fiji Television Ltd and Pernix Fiji and PNG. He was also responsible for the divestment of loss-making subsidiaries including FHL Logistics Ltd and PNG- based Basic Industries PNG Ltd.

When approached for a comment, Mr Fareed said, “I am delighted with the board’s decision to renew my employment contract. It’s a privilege and honour to serve the shareholders.”

His performance at FHL Group justifies the extension of his term. During his five years as the Group CEO, the Consolidated Group Revenue increased from $184 million in 2011 and a record $300m plus in 2016. Total assets have improved by more than $120m while at least 500 employees have joined the FHL family. He was able to add at least $45m to shareholders funds during his term.

Mr Fareed is the current president of Fiji – PNG Business Council and a vice-president of the Fiji Chamber of Commerce. He is a past president of Fiji Institute of Accountants (FIA) and was the founding president of Australian Institute of Company Directors – Fiji Chapter.

Feedback: jyotip@fijisun.com.fj

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