FIVE Holdings Augments Leadership to Support Ongoing Growth and Multi-Border Developments

July 8, 2024, Dubai, UAE - FIVE Holdings (BVI) Limited ("FIVE Holdings" and together with its subsidiaries, the "Group") is pleased to announce the strategic realignment of its key leadership positions to support the Group's continued growth.

Effective October 1, 2024, Jaydeep Anand will step down from his current role as Chief Financial Officer (CFO) of the Group to assume a new position as Chief Development Officer, while continuing to serve as Chief Sustainability Officer. He will hold this position alongside Nabil Akiki, who will also continue as Chief Development Officer. Together, they will oversee multiple simultaneous projects in various locations, collaborating closely and sharing responsibilities to achieve the timely completion of the projects.

With multi-border development projects underway - the renovation of Destino Pacha Ibiza into FIVE Ibiza, the development of Pacha branded residential apartments in Ibiza, and the completion of The Island and SENSORIA residences at FIVE LUXE, Dubai - this strategic shift will allow Jaydeep Anand and Nabil Akiki to concentrate on the development aspects of the business and efficiently manage these projects, leveraging their extensive experience to drive key initiatives and expansion efforts in this segment. 

To fill the pivotal role of CFO, FIVE Holdings is pleased to announce that Kallol Kundu will join as the new CFO of the Group starting October 1, 2024. Kallol Kundu has previously worked with The Oberoi Group as Group Chief Financial Officer, Chief Risk Officer and ESG-custodian (since 2001) and before that, with the Kalpataru Group (2017 - 2018) as President - Group Assurance, Risk and Audit.

Alongside his decades-long career, Kallol Kundu has extensive experience in digitalization and technology transformation. His recent accomplishments in technology transformation include spearheading the development of an award-winning Centre of Excellence, utilizing advanced technologies like AI/ML and Robotics, and designing a comprehensive blockchain-based framework for various applications in the hospitality sector. Additionally, Kallol Kundu has successfully led numerous digital initiatives in his previous roles, such as championing the development of a full-scale online automated audit infrastructure, incorporating remote data access and data analytics. These blends of skills demonstrate his ability to integrate technology with business strategies effectively.

As FIVE Holdings continues to prioritize digitalization as the way forward, Kallol Kundu's extensive experience in this area will be crucial in transforming many business functions. In today's fast-paced environment, digitalization is central to the Group's growth strategy, as it allows the Group to streamline operations, enhance customer experiences, leverage data for better decision-making, and respond swiftly to market demands. Kallol Kundu's track record in digitalization and financial leadership makes him an ideal addition to the team. His ability to blend financial acumen with technological insight will support the Group's goals, driving both innovation and sustainable growth. With Kallol Kundu on board, his expertise will be invaluable as FIVE Holdings continues to grow its operations and explore new opportunities.

Apart from these strategic transitions, no further changes are currently planned to the existing leadership structure. As before, Kabir Mulchandani will continue in his role as the Founder and Executive Chairman, while Aloki Batra will remain the Chief Executive Officer - Hospitality, maintaining his focus on the growth synergies and evolution of the FIVE and Pacha businesses.

Commenting on the realignment of leadership positions, Kabir Mulchandani, Founder and Executive Chairman, of FIVE Holdings, stated, "These leadership changes are a testament to our commitment to growth and development. With Jaydeep's and Nabil's expertise in development, Kallol's financial acumen, and Aloki's vision and hospitality experience, we are well-positioned to capitalize on new opportunities and propel our business forward. I look forward to working closely with these leaders to achieve our goals."

For investor related inquiries, please contact investor.relations@fiveglobalholdings.com

For media inquiries, please contact Farah Palia at farah.palia@fiveglobalholdings.com.

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ABOUT FIVE HOLDINGS

FIVE Holdings is a vertically integrated group, and its current portfolio includes 3 luxury hotels in the UAE, FIVE Palm Jumeirah, FIVE Jumeirah Village and FIVE LUXE, a hotel in Switzerland, FIVE Zurich, 2 hotels in Spain, Destino Pacha and El Hotel Pacha, a nightclub in Spain, Pacha Ibiza, 2 eponymous Fashion Lines, FIVE Mode and The Pacha Collection in the UAE and Spain; as well as a range of assets that include Toy Room and WooMoon Storytellers (Globally).

FIVE has received an "A" grade ESG rating from ISS Corporate Solutions, which became the highest ESG rating provided by ISS across all sectors. This highlights FIVE's focus on a 'Global Sustainable Entertainment Ecosystem', which is the integration of immersive entertainment with homegrown F&B concepts that results in a distinctive guest experience for an international and affluent audience of luxury-loving, eco-conscious Millennial and Gen-Z customers.