Emad Makiya has resigned from his position as CEO of Zain Iraq and will be temporarily replaced by the company’s chairman of the board, Mohammed Charchafchi, the cellco said in a statement.
"Zain Iraq … today confirmed that Emad Makiya will step down as chief executive officer of Zain Iraq with immediate effect," the statement read.
The cellco added that Makiya will continue to advise the chairman and interim CEO, Mohammed Charchafchi.
Emad Makiya became CEO of Zain Iraq in June 2010.
In July, Zain Iraq was slapped with a US$12,864 a day fine from September 2011, for failing to list on the country’s stock exchange, according to a report from Reuters. Zain Iraq’s competitors, Asiacell and Korek, had already received fines of US$8,500 and US$2,500 per day respectively for failing to list their shares on the stock market.
Zain Iraq had 12.8 million customers at the end of the second quarter of 2012, representing 31 per cent of Zain Group’s customer base.
The cellco’s net income rose 16 per cent to US$174.9 million in H112.
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