Swiss National Appointed as MIFCO CEO

Dr. Vitaly Lubimov, a Swiss national with extensive expertise in economics and public administration, has been appointed as the Chief Executive Officer (CEO) of Maldives Industrial Fisheries Company Limited (MIFCO). The company announced that Dr. Lubimov will officially assume his responsibilities starting tomorrow morning.

According to his LinkedIn profile, Dr. Lubimov holds a PhD in Economics and Public Administration and is recognized for his capability in transforming struggling enterprises into sustainable business models. His professional experience spans senior executive roles in credit and departmental functions at various banks, along with positions as a board member, advisor, and Chief Risk Officer for capital funds.

MIFCO has not disclosed the specific salary and benefits package for Dr. Lubimov’s role. However, according to the Privatization and Corporatization Board (PCB)’s job announcement for the position, the CEO's monthly salary is set between $12,000 (185,040 MVR) and $15,000 (231,300 MVR). The appointed CEO will serve a four-year term.

Dr. Lubimov replaces former CEO and Managing Director Shamah Rasheed, who was dismissed from the role in May following an investigation into corruption allegations.

MIFCO is a key state-owned enterprise in the Maldives, and Dr. Lubimov’s appointment is expected to bring strategic leadership aimed at strengthening its operational efficiency and sustainability.