STC group CEO steps down

Saud al-Daweesh resigns from STC

Tags: Saudi ArabiaSaudi Telecom Company
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STC group CEO steps down Al-Daweesh resigned in January, says STC, but the board has only just accepted the resignation.
By  Mark Sutton Published  April 2, 2012

Saudi Telecom (STC) has confirmed that group chief executive Saud al-Daweesh has resigned from the operator.

STC, Saudi's largest telecom operator, which is majority owned by the government, did not give a reason for al-Daweesh's resignation, nor announce a replacement.

A statement from the company said that al-Daweesh, who was appointed chief executive in 2009, had offered his resignation back in January, but the board had only just accepted it.

In January the company reported a 19% drop in net profits to SR7.67bn ($2.1bn).

A company statement to the Saudi bourse, reported on by Reuters said: "Saudi Telecom announces that its group chief executive Saud al-Daweesh submitted his resignation as of 10 January 2010, and the board accepted it on April 2."

Reuters said the statement praised Daweesh's efforts in building the subscriber base of the company to 160 million customers.

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