Maldives Tourism Development Corporation (MTDC) has removed its Managing Director, Ahmed Niyaz, from his post.

Privatization and Corporatization Board (PCB) on Thursday announced the removal of Ahmed Niyaz, of Hassankaarige, S. Meedhoo, as Managing Director of MTDC and as a member of the company's board of directors.

No replacement has been appointed as of yet.

Niyaz, who has held senior roles at MTDC since its establishment, was appointed Managing Director in November 2023.

He joined the company in 2007 and previously served as a board director and Operations and Development Manager. He also served as Chairman of the Maldives Transport and Contracting Company (MTCC) from 2016 to 2018 and Chairman of the State Trading Organization (STO) from 2013 to 2016. He was also a member of STO's board of directors.

Niyaz holds a Master of Business Administration from a university in the UK.

MTDC reported a 19 percent decline in profit in the first quarter of this year.

The company recorded a profit of USD 178,389 (MVR 2.8 million) during the first three months of the year, down from USD 219,282 (MVR 3.4 million) in the same period last year, a decrease of about MVR 600,000.