DUBAI Nov 5 Bahrain's Batelco has
appointed a new chief financial officer, the former telecoms
monopoly said on Tuesday, and continues to search for a new
chief executive more than five months after the previous
Batelco's shares have tumbled to record lows in the wake of
a sustained profit slump and upheaval in its senior management,
with a committee of three board members running the telecom
operator following the departure of three top executives this
The firm - formally called Bahrain Telecommunications Co -
has promoted Faisal Qamhiyah to group CFO, according to a
company statement. He held the same role at Batelco's domestic
operations and he replaces Marco Regnier, who quit in August
after 15 months in the job.
Reigner's departure followed that of former chief executive
Sheikh Mohamed bin Isa al-Khalifa, who resigned with immediate
effect in May.
"The search for a new group CEO is ongoing with the process
well underway and proceeding according to plan," the statement
said, adding the three-man committee would remain in charge
until a CEO is appointed.
Batelco vies domestically with units of Kuwait's Zain
and Saudi Telecom Co (STC) as well as about
10 internet providers on an island of 1.3 million people.
Stiff competition has helped push down Batelco's net profit
in 12 of the past 14 quarters.
The company's shares ended 1.2 percent higher on Bahrain's
bourse, easing away from last week's record low.
(Reporting by Matt Smith; Editing by Dinesh Nair)