Saudi Telecom Group CEO resigns

The CEO of Saudi Telecom Group Khaled Al-Ghoneim has resigned from his role, citing “special circumstances” as his reasons.

Having taken on the position in June 2012, Al-Ghoneim leaves after leading the group for less than a year. He replaced former group CEO, Saud Al-Darwish.

His resignation follows last month’s departure of the CEO of Saudi Telecom’s domestic operations, Jameel Abdullah al-Molhem. Former chief of international operations Ghassan Hasbani has also resigned from his role within the past year.

In January 2013, the group announced that its profit for 4Q12 dropped 79 per cent year on year to SAR468m ($124.8m).

The announcement of Al-Ghoneim ‘s resignation was made to the local stock exchange and a replacement has not yet been named. It led to the group’s share price falling 2.5 per cent, according to Bloomberg.