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Tue 5 Nov 2013 02:50 PM

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Bahraini telco hires new CFO, search for CEO continues

Batelco shares have tumbled to record lows in the wake of sustained profit slump and upheaval

Bahraini telco hires new CFO, search for CEO continues
(Photo for illustrative purposes only)

Bahrain's Batelco has appointed a new chief financial officer, the former telecoms monopoly said on Tuesday, and continues to search for a new chief executive more than five months after the previous incumbent quit.

Batelco's shares have tumbled to record lows in the wake of a sustained profit slump and upheaval in its senior management, with a committee of three board members running the telecom operator following the departure of three top executives this year.

The firm - formally called Bahrain Telecommunications Co - has promoted Faisal Qamhiyah to group CFO, according to a company statement. He held the same role at Batelco's domestic operations and he replaces Marco Regnier, who quit in August after 15 months in the job.

Reigner's departure followed that of former chief executive Sheikh Mohamed bin Isa al-Khalifa, who resigned with immediate effect in May.

"The search for a new group CEO is ongoing with the process well underway and proceeding according to plan," the statement said, adding the three-man committee would remain in charge until a CEO is appointed.

Batelco vies domestically with units of Kuwait's Zain and Saudi Telecom Co (STC) as well as about 10 internet providers on an island of 1.3 million people.

Stiff competition has helped push down Batelco's net profit in 12 of the past 14 quarters.

The company's shares ended 1.2 percent higher on Bahrain's bourse, easing away from last week's record low.

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