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.