MENA LTE 2014

STC KSA CEO, Jameel Abdullah al-Molhem, resigns

The head of Saudi Telecom’s domestic operations has resigned, the company has announced. He is the latest in a string of senior resignations from the company which recently posted a 79 per cent fall in its fourth-quarter profits.

The company took one-time write downs of SAR641 million (US$170 million) on its investments in South Africa’s Cell C and India’s Aircel. The company was also hit by a SAR544 million charge from deferred taxes at Aircel.

The departure of STC’s local CEO, Jameel Abdullah al-Molhem follows the resignation of the Group and International CEOs last year.

STC declined to give further details.

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