Wataniya CEO resigns; deputy takes helm
Kuwait, June 12, 2012
The chief executive of Wataniya, Kuwait's No. 2 telecoms operator, has resigned, parent company Qatar Telecom (Qtel) said on Tuesday.
Qtel said Scott Gegenheimer left to "pursue other opportunities" and his deputy Abdulaziz Fakhroo has been promoted to acting chief executive.
Gegenheimer joined Wataniya in 2002 and became CEO in 2008. Fakhroo was appointed deputy chief executive earlier this year.
Qtel owns a 52.5 percent stake in Wataniya, which is also known as National Mobile Telecommunications Co.
Wataniya has operations in Kuwait, Tunisia, Algeria, the Palestinian Territories, Saudi Arabia and the Maldives. In April, it reported a 90-percent drop in first-quarter net profit, with earnings from the prior-year period boosted by a one-off fair value gain.
Wataniya's shares, which hit a 15-week low on June 3, ended flat on Kuwait's bourse before Gegenheimer's resignation was announced. - Reuters
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