Mobily on Wednesday said it had swung to a full-year loss in 2014, according to audited results.
The sack comes after the launch of an investigation into accounting practices at the telecom operator.
Tuesday’s price of SAR35.30 per share means around $13 billion has been wiped off Mobily’s market value since May.
Abdulaziz al-Saghyir quit due to health reasons, but will remain on Mobily’s board, the company said.
The company’s 2014 annual profit was KD45.7 million, down from KD76.1 million in 2013.
Increased revenues from its African subsidiaries helped the company post a strong profit.
The move is seen as mostly benefiting Zain Saudi, the smallest of the Kingdom’s three mobile network operators.
Ihab Hinnawi had been chief executive of Jordan’s Umniah, an operator which is 96 per cent owned by Batelco.
The firm made a net profit of Dhs512.7 million in the last quarter of 2014, down from Dhs570.3 million in the year-earlier period.
HSBC and National Bank of Abu Dhabi, will each provide $60 million each to Etisalat Misr.
The former monopoly has now posted rising profits in four of the past six quarters.
The proposed cash amount, for which no timeframe was given but which is in line with what the company paid for the second half of 2013.
The former monopoly made a net profit of 26.5 million rials ($68.8 million) in the last quarter of 2014.
Okandan, who is also CFO of Mobily’s biggest shareholder, UAE-based Etisalat, took temporary charge in late November.
An Etisalat-led consortium in 2005 bought a $2.6 billion stake in Pakistan Telecommunication Co but withheld $800 million because of some incomplete deal terms.
The former monopoly, which operates in eight countries in the MEA, made a net profit of KD33 million in the three months to Dec. 31.
A source familiar with the matter said that Citigroup had been hired to look into options for Zain’s towers.
The company has yet to make a quarterly profit since launching service in 2008.
Unnamed claimants filed a lawsuit against Zain over its 2007 acquisition of an Iraqi telecom operator.
Mobily made a net loss of SAR2.28 billion ($607.1 million) in the last quarter of 2014.
The company has yet to make a quarterly profit since launching services in 2008.
Al Mansouri was previously director general of the UAE mGovernment and the deputy director general of the TRA.
Biyari’s current roles include senior vice president for technology and operations, and vice chairman of affiliate Viva Kuwait.
The firm made a net profit of SAR2.44 billion ($649.8 million) in the last quarter of 2014.
The ministry fined Ooredoo Kuwait, claiming that it had been unlawfully using government network infrastructure since 1999,
Voice calls accounted for 64 per cent of the operators’ revenues in 2013, data was 18 per cent, text messaging four per cent and subscription payments 14 per cent in Bahrain.
The network will deliver speeds of up to 225 Mbps, nearly double the average 4G speed in certain parts of Doha.
Zain Saudi owed Mobily SAR2.2 billion as of Nov. 30, 2013, a statement said.
In October, Vodafone Qatar announced it had reached a non-binding agreement to buy QNBN.