Kuwaiti telco Wataniya appoints new CEO

Struggling No 2 telecoms operator hires its thirs chief executive in less than a year

Wataniya missed estimates with a 31 percent drop in quarterly profit, mainly because of a decline in domestic income and widening losses in Saudi Arabia.

Wataniya missed estimates with a 31 percent drop in quarterly profit, mainly because of a decline in domestic income and widening losses in Saudi Arabia.

Kuwait's No.2 telecoms operator Wataniya, which has suffered a sustained profit slump, appointed Abdulaziz Fakhroo as its new chief executive on Thursday, its third CEO in less than a year.

Fakhroo, previously the deputy CEO, replaces Bassam Hannoun, who has quit after less than seven months at the helm because of personal reasons, a company statement said.

Hannoun had taken the helm on Sept. 1, replacing Scott Gegenheimer, who quit in June 2012 and now heads rival Kuwaiti operator Zain.

Wataniya, which ended Zain's domestic monopoly in 1999, also has operations in Algeria, Tunisia, the Maldives,Saudi Arabia and the Palestinian Territories.

It has reported declining profits in the past four quarters as a rising customer base failed to offset tougher competition at home and foreign exchange losses. Full-year net profit in 2012 fell 22 percent from a year earlier.

Ooredoo, the rebranded Qatar Telecom, last year paid $1.8 billion to increase its stake in Wataniya to 92.1 percent from 51 percent.

Related:

Market Performance

National Mobile Telecommunications Company - Kuwait
1620.0
-20.0 -1.22 (%)
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

All comments are subject to approval before appearing

Further reading

Features & Analysis
Inside Google's brave new world

Inside Google's brave new world

The $500bn technology giant is extending its reach into hardware...

Under attack: how to beat the hackers

Under attack: how to beat the hackers

The smarter technology gets the more opportunities there are...

After all the hype, what's the future for Hyperloop One

After all the hype, what's the future for Hyperloop One

Los Angeles-based Hyperloop One may have struck a deal this month...

1
Most Discussed
sponsoredTracking