STC's CEO of KSA operation resigns

Senior departures continue as CEO of Saudi Arabian unit tenders resignation
Senior departures continue as CEO of Saudi Arabian unit tenders resignation
Senior departures continue as CEO of Saudi Arabian unit tenders resignation

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Jameel Abdullah Al-Molhem, CEO of STC’s Saudi Arabian operation, yesterday tendered his resignation, according to a report from Arab News. Al-Molhem was appointed CEO in June 2011.

The news followed poor fourth quarter results from STC Group, which saw profits decline by 79% in Q4 compared to the same period a year earlier. The results led to an 8% decline in the company’s share price.

STC attributed the fall in earnings to rising costs and one-off charges in Indian and South African markets.

Al-Molhem is the latest in a line of senior departures from STC Group in the past 12 months including group CEO for technical operations, Dr. Ziad Al-Otaibi, international CEO, Ghassan Hasbani, and group CEO, Saud Al Darwish.

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