GlobalCapital p.l.c. announced that Mr. Bashar Khatib is stepping down from the position of Chief Executive Officer of the company and of its operating subsidiaries with immediate effect. Mr. Khatib remains available to the company as may be necessary to ensure a smooth transition and a proper handover of functions and responsibilities. The Board of Directors has, with immediate effect, appointed Mr. Reuben Zammit as Chief Executive Officer of the company.

Subject to regulatory approval, Mr. Zammit has also been appointed as designate Chief Executive Officer of the company's regulated operating subsidiaries, GlobalCapital Life Insurance Limited, GlobalCapital Health Insurance Agency Limited and GlobalCapital Financial Management Limited. Mr. Zammit, a fellow of the Association of Chartered Certified Accountants and a fellow of the Malta Institute of Accountants formerly occupied the position of Chief Financial Officer. In his role of Chief Executive Officer, Mr. Zammit will ensure the implementation of the company's plan for the rationalisation of core competencies and reduction in costs across the business activities and processes in order to ensure a return to profitability, increase shareholder value and strengthen the company's future growth.