Mobily sacks suspended CEO

Mobily sacks suspended CEO

Saudi Arabia’s Mobily has discharged its suspended chief executive, Khalid Omar al-Kaftook.

Khalid al-Kaftook was suspended in November last year following auditing errors - which forced the company to restate 18 months of previously-announced earnings - and has now been officially dismissed.

The Saudi operator said that Khalid al-Kaftook – who has worked at the company for nine years – had offered to resign on February 21. Mobily did not say whether it had accepted this resignation, merely that Khalid al-Kaftook had been removed from his position on February 24.

Serkan Okandan was chosen to replace Khalid al-Kaftook as acting CEO and will remain in the position until the end of March.

In a separate statement, Mobily said that it would not pay a dividend for Q4 2014, for which it reported a loss of 2.28 billion riyals ($607.94 million).

Mobily’s chairman also left the company earlier this week, citing health reasons. 

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