Dr. Vitaliy Lyubimov has been removed from his position as the Managing Director and CEO of the Maldives Industrial Fisheries Company Limited (MIFCO). The announcement was made late last night by the Privatization and Corporatization Board (PCB), although no further details surrounding the decision were disclosed.
Dr. Lyubimov, a Swiss citizen, had been appointed as MIFCO’s first foreign CEO in December of last year. His appointment was seen as a significant step towards modernizing the company and addressing internal challenges. During his tenure, he had pledged to eliminate political influence from the corporation and strengthen its management practices. However, his removal raises questions about the leadership direction of MIFCO.
Alongside Dr. Lyubimov’s departure, Ahmed Shareef, the former chairperson of MIFCO, has also been removed from his role. He has been reassigned to the Board of Directors of the Maldives Fisheries and Ocean Resources Marketing and Promotion Corporation (MFOMPC).
The restructuring at MIFCO continues as the company’s Chief Financial Officer (CFO), Ilyas Haneef, resigned in January, following a series of high-level leadership changes.
Dr. Lyubimov’s appointment came after the PCB removed Ahmed Samah Rasheed from his CEO role due to complaints lodged with the board. As MIFCO undergoes this shake-up in leadership, the reasons behind the latest changes remain unclear, and questions about the future direction of the company persist.
The public and stakeholders await further clarity from the PCB regarding the underlying factors that led to these leadership shifts.
