STC Group appoints chairman as acting-CEO

More management changes likely, anonymous source tells Reuters

Tags: Saudi ArabiaSaudi Telecom Company
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STC Group appoints chairman as acting-CEO STC has seen a number of senior exits in the past eight months.
By Staff Writer Published  March 26, 2013

Saudi Arabia's STC Group has appointed its chairman, Abdulaziz al-Sugair as acting chief executive, according to two sources familiar with the matter, Reuters reported.

Abdulaziz al-Sugair's new role follows the resignation of CEO Khaled al-Ghoneim earlier this month. Al-Ghoneim is due to leave the company on Wednesday.

A source also told Reuters that more management changes could be expected. "This probably means there will be some more changes at senior level, but these are needed to change the company's behaviour, to become less affected by internal politics and more accountable."

Ghuneim was appointed group CEO in June 2012, replacing former group CEO, Saud Al Darwish, who announced his resignation from the post in April 2012. Al Ghuniem was previously CEO at Al-Elm Information Security Company.

The resignation marks the latest in a string of management changes at STC Group in the past eight months. In September 2012, the telco said that it had accepted the resignation of Dr Ziad Al-Otaibi, group CEO for technical operations. This resignation followed closely from the resignation of Dr Saad bin Dhafer Al-Qahtani, group CEO for strategic affairs, and Ghassan Hasbani, CEO, international.

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