Saudi Telecom Company (STC)’s CEO Khaled al-Ghoneim has resigned, the latest in a stream of C-level executives to leave the struggling Saudi telco.
Ghoneim, who was appointed in June last year, attributed his departure to “special circumstances”,…
Saudi Telecom Company (STC)‘s CEO Khaled al-Ghoneim has resigned, the latest in a stream of C-level executives to leave the struggling Saudi telco.
Ghoneim, who was appointed in June last year, attributed his departure to “special circumstances”, according to English translations of the company’s statement to the Saudi stock exchange on Sunday.
No replacement has been announced yet.
As TelecomFinance previously reported, STC’s CEO for its domestic operations, Jameel Abdullah al-Molhem, resigned last month.
International CEO Ghassan Hasbani resigned in August 2012 and group CEO Saud Al-Daweesh departed in April 2012.
STC announced its fourth quarter and full-year financial results to the bourse on 21 January. The telco reported net income of SR468m (US$124.8m) in Q4 compared to SR2.28bn (US$607.4m) in the same quarter the previous year, a decrease of 79%. For the full year, STC announced net income of SR7.35bn (US$1.96bn) for 2012 compared to SR7.73bn (US$2.06bn) in 2011, a decrease of 4.9%.
An analyst familiar with the company told TelecomFinance that STC’s international operations were not doing well but their domestic operations were showing signs of improvement. However, he added that the upcoming entry of MVNOs to the market could put more pressure on existing operators.
STC did not respond to TelecomFinance in time for the deadline.
