Gulf Pharma Firm Replaces Execs, Cuts Jobs, After Saudi Ban

Gulf Pharmaceutical Industries is looking to hire a restructuring adviser after cutting jobs as a ban on the medicine maker’s exports to Saudi Arabia weighs on its finances, Bloomberg News reported. The company known as Julphar replaced most of its top management and appointed new board members as it comes under increasing financial strain. The United Arab Emirates-based firm also cut about 150 jobs, or 3% of its workforce, according to a person with knowledge of the plans who asked not to be identified because they are private. A small proportion of staff were affected by a “modest restructuring” and all key positions have been filled, according to Chief Executive Officer Jerome Carle. The company will soon announce its new executive team and is working with consultancy firms to help optimize the business, he said. Read more