STC chief executive resigns

STC chief executive resigns

Saudi Telecom’s chief executive, Khaled al-Ghoneim, has resigned from his post after less than a year in the job.

Ghoneim becomes the latest senior management to resign from his position, after being appointed to the role in June 2012, and follows the resignation of Saud al-Daweesh, his predecessor, who resigned two months earlier.

The company’s heads of international and domestic operations have also quit in the last 12 months.

STC has embarked on an aggressive acquisition strategy in the past decade, and has expanded its operations across Turkey, Indonesia, Kuwait and Bahrain.

Its domestic market however remains key, and accounted for 68% of revenue in 2012.

STC has not yet confirmed a replacement for Ghoneim, or said when he would leave his position.

The company, the second largest in the Gulf, made a net profit of $1.94 billion in 2012.