Saudi Telecom’s Domestic CEO Resigns

Saudi Telecom Co’s (STC) chief executive for its domestic operations has resigned, a company spokesman said on Sunday, the latest senior executive to quit the former monopoly.

STC declined to give further details. Jameel Abdullah al-Molhem’s departure follows that of group CEO Saud al-Daweesh and international CEO Ghassan Hasbani last year.

The Gulf’s number one telecom operator by market value posted a 79 per cent drop in fourth-quarter profit in January, which it blamed on rising costs and one-off charges at its Indian and South African affiliates.

STC’s shares are down 5.5 per cent in 2013, underperforming the wider Saudi share index, which is up 3.8 per cent.