Saudi Telecom CEO quits post after 2 years

Resignation due to 'personal circumstances', firm says

  
A man passes the Saudi Telecom STC office in Riyadh, Saudi Arabia February 6, 2018. Image used for illustrative purpose

A man passes the Saudi Telecom STC office in Riyadh, Saudi Arabia February 6, 2018. Image used for illustrative purpose

REUTERS/Faisal Al Nasser

The chief executive officer (CEO) of Saudi Telecom Co. (STC) has resigned from his post after more than two years in his role.

Nasser Al Nasser, who was appointed to head the company in 2018, will be leaving his position on March 28, 2021, Saudi Arabia’s largest telecoms operator said in a bourse filing to the Saudi Stock Exchange (Tadawul) on Sunday.

“The board of directors accepted the resignation of [the CEO] on November 28… due to his personal circumstances,” the company said.

STC said the board of directors have extended their sincere gratitude and appreciation to Al Nasser for his commitment during his tenure in the company.

They also delegated the firm’s nomination and remuneration committee to start searching for Al Nasser’s replacement.

The firm has recently agreed to sell 15 percent of its stake in its subsidiary, STC Pay, to Western Union for $200 million.

(Writing by Cleofe Maceda; editing by Seban Scaria)

Cleofe.maceda@refinitiv.com

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© ZAWYA 2020


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