Al-Daweesh’s resignation announced on Tadawul
The chief executive officer of Saudi Telecoms Company (STC), Saud al-Daweesh, has resigned according to a statement issued on the Tadawul.
His resignation was approved by the board of directors on 2 April and will take effect from October 2012.
The statement thanks Al-Daweesh for his tenure which saw the company expand outside of Saudi Arabia to eleven countries including Bahrain, Kuwait and Indonesia, gaining 160 million subscribers.
The statement did not explain a reason for Al Daweesh’s departure. The operator has yet to name a successor.
STC’s shares were down 0.24 per cent to SAR41.20 on 3 April. The company is now the region’s largest mobile operator by market capitalisation at $21bn.
Net profits for the end of 2011 were down 19 per cent when compared to the previous year at SR7.7bn.
A MEED Subscription...
Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.