The Etisalat group CEO, Ahmad Julfar has resigned from his position. According to a statement posted by Serkan Okandan, chief financial officer, Etisalat group, on the Abu Dhabi Securities Exchange website, ‘Mr. Ahmad Julfar has presented his resignation as the Chief Executive Officer of Etisalat Group for personal reasons. The Board of Directors in its meeting held on 9 March 2016 accepted Mr. Julfar’s resignation and appointed Mr. Hatem Dowidar as Acting Chief Executive Officer of Etisalat Group until restructuring of Etisalat Group by the end of June 2016.’
Interestingly though, the news of the resignation came in with financial results of the group for the year 2015, which indicate that the consolidated net profit after Federal Royalty amounted to AED 8.3 billion, resulting in a net profit margin of 16% and decreased year over year by 4%. Consolidated revenues for Q4, 2015 amounted to AED 12.7 billion, representing a decline of 4% year over year.
Hatem Dowidar has commented, “First, I would like to thank Mr. Ahmad Julfar for his great contribution; his progressive vision has helped build Etisalat group into what it is today. And also for entrusting me with the responsibility of Acting Group CEO in this important period. I will be working over the next 3 months with the Board to further optimize the Group structure.” “The world today is in the process of rapid change. We are witnessing a digital revolution that has the mobile phone at its centre; a constant in all our lives. This places the telecom industry at the heart of change as an enabler of this exciting future”, he added. He further expressed confidence that the ‘foundation of solid, long-term performance, combined with (our) experience and expertise, will ensure that Etisalat group continues to deliver value to its shareholders and customers’.
Prior to joining Etisalat Group, Dowidar was the group chief of staff for Vodafone group based in London, reporting to Vodafone group CEO. Before taking up the role of GCEO in August 2011, Julfar, was the group chief operating officer. Having joined Etisalat in 1986, he had previously served as the general manager for Dubai operations, in addition to various other managerial positions, before becoming group COO in 2006.