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Mobily chairman quits; new head named

Mobily chairman quits; new head named

RIYADH, 8 hours, 43 minutes ago

The chairman of Saudi Arabia’s Etihad Etisalat (Mobily) has resigned with immediate effect, the kingdom’s No 2 telecommunications operator said on Tuesday.

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 General Organization for Social Insurance, the statement said.

The telecom operator reported a surprise fourth-quarter loss of SR2.28 billion ($607.9 million), while in November it also cut its profits for 2013 and the first half of 2014 by a combined SR1.43 billion. – Reuters

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