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5 years ago
MOVES-Saudi Telecom domestic CEO resigns - spokesman
February 3, 2013 / 7:06 AM / 5 years ago

MOVES-Saudi Telecom domestic CEO resigns - spokesman

* Jameel Abdullah Al-Molhem latest senior exec to quit

* Co posted 79 percent drop in Q4 profit in January

DUBAI, Feb 3 (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. (Reporting by Matt Smith in Dubai; additional reporting by Angus McDowell in Riyadh; Editing by Amran Abocar)

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