Kuwait telco Zain's deputy CEO resigns

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The deputy chief executive of Kuwait's top telecom operator Zain has resigned, the company said in a statement to the local bourse.

Hisham Akbar, who was also chief operating officer (COO), quit as of March 3, the statement said, without giving further details.

His resignation is the latest change in senior management at Zain, which operates in eight countries including Saudi Arabia, Iraq, Sudan and Lebanon and has seen its share price fall by nearly half since the start of 2011.

Akbar was promoted to COO and deputy CEO in September, having previously been acting chief commercial officer. He joined Zain in September 2011, according to his LinkedIn profile.

Scott Gegenheimer became chief executive in December, having resigned as CEO of rival Kuwaiti operator Wataniya - a Qatar Telecom (ooredoo) subsidiary - in June.

Loss-making affiliate Zain Saudi appointed Fraser Curley as CEO in March 2012.

Zain reported a 32 percent drop in fourth-quarter profit in February.

The operator's shares ended 1.3 percent lower on Tuesday, underperforming the wider Kuwait index, which rose 0.6 percent.

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Posted by: IQDnews

As an investor on the ISX, I have invested in Asiacell. The stock went up a little bit and is currently right back where it was when it started, 22 IQD. I hope because Zain is required to list 25% of its shares as well that it will bring more visibility on the ISX.

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