Dr. Saad bin Dhafer Al-Qahtani, group CEO for strategic affairs at STC Group, has resigned.
Al-Qahtani joined STC Group in 1989 and held several senior roles. A source close to the company told CommsMEA that Al-Qahtani’s resignation was likely to be closely linked to the depature of Al Daweesh and Hasbani.
The source added that the changes partly stemmed from a perceived failure of STC’s foreign expansion.
STC Group was late to start expanding internationally, while its peers such as the UAE’s Etisalat and Qatar’s Qtel acquired numerous licences and operations across the MEA region.
STC Group owns the third operators in Kuwait and Bahrain, which operate under the Viva brand. It also has a controlling stake in Axis in Indonesia, and owns 35% of Turkish group Oger Telecom.
“It’s not been on the scale that they would have expected,” the source said of STC’s international interests. “They haven’t really made the right moves or got their hands on anything that they actually own or run, they’ve got mostly minority stakes, so the whole strategy is up in the air.”
The source added that more senior staff were likely to leave the company in the wake of the recent departures.