The Globe and Mail reports in its Saturday, Feb. 14, edition that DP World has replaced chairman and chief executive officer Sultan Ahmed bin Sulayem following revelations about his relationship with sex offender Jeffrey Epstein. The Globe's Nicolas Van Praet writes that Mr. Sulayem has resigned immediately, with Essa Kazim becoming chairman and Yuvraj Narayan taking over as CEO.
Mr. Sulayem, a prominent businessman in the Middle East, has faced a swift decline after attending the World Economic Forum in Davos last month. With a career spanning over three decades, he has significantly contributed to Dubai's rise in global trade.
He leaves his post just after Kathy Ruemmler, the top lawyer at Goldman Sachs, announced her resignation. While Ms. Ruemmler has called Mr. Epstein a "monster" in recent statements, e-mails between her and the financier years earlier showed a close relationship in which she described him as an "older brother" and downplayed his sex crimes.
DP World faced pressure from stakeholders like Caisse de depot et placement du Quebec to address concerns regarding Mr. Sulayem. The Caisse, alongside British International Investment, suspended deal-making with DP World.
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