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STC loses group CEO after less than nine months in the job

Saudi Telecom Group’s CEO Khaled Al Ghoneim has resigned after less than nine months in his position, the latest senior executive to leave the operator.

In a statement, STC cited “special circumstances” as being behind his departure, without giving any further detail.

However, Al Ghoneim is only one of several top executives to depart the operator over the last 12 months.

Al Ghoneim was appointed in June 2012 following the resignation of his predecessor Saud Al Daweesh two months previously.

International CEO Ghassan Hasbani also left in 2012. And then last month the CEO for STC’s domestic operations, Jameel Abdullah Al Molhem, departed the company.

Although no explanation has been given for Al Ghoneim’s departure, the company has struggled for profitability. It posted a 79 per cent drop in Q4 profits in January 2013, blaming rising costs and one-off charges at its Indian and South African operations.

No date for Ghoneim’s actual departure from STC was given or a name of his successor.


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