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Saudi Telecom Domestic CEO Resigns - ASHARQ AL-AWSAT English Archive
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DUBAI, (Reuters) – Saudi Telecom Co’s (STC) chief executive for its domestic operations has resigned, a company spokesman said on Sunday, the latest senior executive to quit the former monopoly.

STC declined to give further details. Jameel Abdullah al-Molhem’s departure follows that of group CEO Saud al-Daweesh and international CEO Ghassan Hasbani last year.

The Gulf’s No.1 telecom operator by market value posted a 79 percent drop in fourth-quarter profit in January, which it blamed on rising costs and one-off charges at its Indian and South African affiliates.

STC’s shares are down 5.5 percent in 2013, underperforming the wider Saudi share index, which is up 3.8 percent.

Asharq Al-Awsat

Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

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