Zain Group's CEO- operations resigns as company posts $30mln y-o-y Q3 profit fall

Scott Gegenheimer is to leave the Kuwait-based company within 11 days, but no official reason was given for his departure

  
Image used for illustrative purpose. Zain Building.

Image used for illustrative purpose. Zain Building.

Zain

Kuwait-based mobile telecommunications company Zain’s CEO - Operations has resigned and will leave the company within 11 days, the company said while announcing its Q3 results.

Scott Gegenheimer’s last working day with the company will be on November 15th, with his departure announced on the day the company released third quarterly results showing profits fell year-on-year.

The statement showed a profit of KD 54.35 million ($177.4 million) for Q3 2020, down from KD 63.84 million ($208.37 million) posted during the same time in 2019. Profits for the first nine months of 2020 were at KD 149.88 million ($488.93 million), down from KD 177.92 million ($580.69 million) during the same period in 2019.

The company, which boasts 49.1 million active customers across eight Middle East and African countries, also announced that its group chief technology officer Hisham Mostafa Allam will be the new CEO of subsidiary Zain Sudan, where the company has close to 1 million customers. Nawaf Hisham Abdel Rahman Al-Gharabally will replace him as chief technology officer.

Earlier this week, the company announced that it was handing back the management of Lebanese mobile operator Touch Company to new management appointed by Lebanon’s Ministry of Communications, but said there was no material or financial impact from the decision.

(Writing by Imogen Lillywhite; editing by Daniel Luiz)

imogen.lillywhite@refinitiv.com

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© ZAWYA 2020


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