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Saudi’s Mobily Says Chairman Quits, Appoints Replacement

Saudi’s Mobily Says Chairman Quits, Appoints Replacement

Abdulaziz al-Saghyir quit due to health reasons, but will remain on Mobily’s board, the company said.

The chairman of Saudi Arabia’s Etihad Etisalat (Mobily) has resigned with immediate effect, the Kingdom’s No.2 telecommunications operator said on Tuesday.

Abdulaziz al-Saghyir quit due to health reasons, but will remain on Mobily’s board, the company said in a statement to Riyadh’s bourse.

Mobily has appointed Suliman bin Abdulrahman al-Gwaiz as chairman, effective Feb. 23. Gwaiz is also chairman of Banque Saudi Fransi and governor of state-owned fund the General Organization for Social Insurance, the statement said.

The telecom operator reported a surprise fourth-quarter loss of SAR2.28 billion ($607.9 million), while in November it also cut its profits for 2013 and the first half of 2014 by a combined SAR1.43 billion.

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