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.