Chairman of Mobily replaced

The chairman of Mobily has resigned with immediate effect, the kingdom’s No.2 telecommunications operator announced.

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 February 23. Al Gwaiz is also chairman of Banque Saudi Fransi and governor of state-owned fund the General Organisation for Social Insurance, the statement said.

Mobily reported a surprise fourth-quarter loss of SAR2.28 billion (US$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.