DUBAI – Sultan Ahmed bin Sulayem has resigned as chairman and chief executive officer of DP World after the US Department of Justice released emails between him and convicted sex offender Jeffrey Epstein.
His departure brings to an end a 40-year tenure that transformed DP World from a Jebel Ali port operator into a large-scale logistics and container terminal company.
But revelations of past interactions with Mr. Epstein prompted swift reactions from international partners and increased calls for a change in the state company’s leadership.
Dubai’s government confirmed the leadership change in a statement on Friday without directly mentioning bin Sulayem’s departure.
Veteran financial executive Essa Kazim has been appointed chairman of the board and Yuvraj Narayan has been appointed chief executive officer.
This rapid transition highlights the increased sensitivity to reputational risks among sovereign-related companies, particularly when they intersect with disputes with global financial markets and public pension funds.
The pressure increased after two major international partners announced a moratorium on new investments in DP World.
La Ques and British International Investments have confirmed that they will no longer do business with the company.
DP World relies heavily on international capital alliances to fund port expansion and logistics infrastructure.
The company operates six ports in Canada and owns London Gateway in the United Kingdom, one of Europe’s fastest-growing container terminals.
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Investor exits related to governance concerns are becoming increasingly rapid, especially when public funds are involved.
Pension administrators and development finance institutions often face domestic political pressure to distance themselves from controversies related to high-profile fraud cases.
The release of documents about Epstein has led to periodic renewed scrutiny of people who maintained contact with Epstein before his arrest and death in custody in 2019.
Bin Sulayem has been one of Dubai’s most prominent business leaders for many years. Under his leadership, DP World expanded its footprint across Asia, Europe, Africa, and the Americas.
The company has faced controversy before. In 2022, subsidiary P&O Ferries will lay off 800 UK-based employees and replace them with agency crew. This sparked political backlash and regulatory scrutiny in the UK.
This recent crisis presents a different challenge, one that focuses on governance oversight and reputational exposure rather than operational or labor issues.
The leadership shake-up appears aimed at stabilizing investor confidence and limiting further influence.
Market reaction will likely depend on whether the new management team can reassure partners that the corporate governance structure remains strong and insulated from personal disputes.
For Dubai, where state-owned enterprises play a central role in its economic strategy, maintaining international trust in flagship companies like DP World is critical.
