The board of directors of Pakistan Telecommunications Company (PTCL) has appointed Daniel Ritz as president and CEO, effective as of today. He replaces Walid Irshaid, who had been president and CEO since March 2007.
The board of directors of Pakistan Telecommunications Company (PTCL) (KSE: PTC) has appointed Daniel Ritz (pictured) as president and CEO, effective as of today. He replaces Walid Irshaid, who had been president and CEO since March 2007.
Ritz was previously chief strategy officer of parent company Etisalat Group (ADX: ETISALAT) where he had led the company’s corporate strategy, business development, mergers and acquisitions, and strategic project management functions since 2012. He also serves as a board member of a number of Etisalat’s international subsidiaries.
Prior to joining Etisalat, Ritz was CEO of Swisscom Central & Eastern Europe as well as a member of the Swiss telco’s executive board.
Commenting on Irshaid’s departure, PTCL said he had transformed the company from a state-run monopoly operator into a highly competitive, advanced and integrated service provider in Pakistan’s private sector. “Under his leadership PTCL, started broadband internet services in the fixed and fixed wireless domains along with multimedia service,” according to a statement.
PTCL provides telephone and internet services and its wholly-owned mobile unit Ufone is the fourth largest carrier in the country.
PTCL’s profit increased 69.23% to PKR8.8bn (US$84m) during 2015 from PKR5.2bn (US$49.6m) the previous year. However, its revenues dropped to PKR75.8bn (US$724m) in 2015 from PKR81.5bn (US$778m) in 2014. PTCL group’s revenues for the year stood at PKR118.6bn (US$1.13bn).
