Saad Al Barrak resigns from Zain
CEO that led Zain's international expansion quits after eight years at the helm
Saad Al Barrak, the outspoken CEO of Zain Group, has resigned, according to a statement the company posted on the Kuwaiti bourse.
The development, which was first reported on Al Arabiya television earlier this morning, follows a tumultuous year for the company, which has been trying to shed the majority of its African operations since July 2009.
Doubt was also cast over the direction of the company last October, when Kharafi Group, a Kuwaiti business conglomerate and a major shareholder in Zain Group, said it was willing to sell a majority stake in the telco.
The company has also seen its attempts to acquire Palestine’s Paltel Group thwarted. Zain confirmed in November that a deal to take control of Paltel, which had been in the pipeline since early 2009, had been abandoned, citing a lack of government approvals for the collapse of the deal.
Al Barrak, who became CEO of the company in 2002, led the company’s expansion that saw it become a pan-regional player with operations in 23 countries throughout the Middle East and North Africa.