Saudi Telecom appoints new group CEO
Riyadh, June 6, 2012
Saudi Telecom Co, the Gulf's No1 telecoms operator, has appointed Khaled Al-Ghoneim as group chief executive, the former monopoly said on Wednesday.
Ghoneim will take up his new post on June 18, replacing Saud Al-Daweesh, who resigned in April. At the time, STC said Daweesh would remain at the helm until October, but the company has appointed his successor sooner than expected.
"Saudi Telecom announces that its board, during its assembly on June 5, agreed to the appointment of Khaled Al-Ghoneim as CEO of the group," STC said in a statement to the Saudi bourse.
STC is the largest Gulf telecoms operator by market value with operations across the Muslim world from Turkey to Indonesia.
The firm, which remains majority government-owned nearly a decade after its partial privatisation, reported a 60 percent surge in first-quarter profit in April as rising domestic demand for broadband and data helped boost earnings. - Reuters
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