By Staff writer
Deputy chairman of the board replaces Peter Kaliaropoulos at state-owned telco
Bahrain Telecommunications Co (Batelco) replaced its
long-time Group Chief Executive Officer Peter Kaliaropoulos with its deputy
chairman of the board, the state-owned telco said in a statement on Sunday.
Shaikh Mohamed bin Isa Al Khalifa will assume his new role
as group CEO on October 1, becoming the first Bahraini national to hold the top
position at Batelco.
Al Khalifa was the former chief executive of Bahrain's
Social Insurance Organization (SIO) from 2008 before taking on the lead
position at the telecom firm, the statement said.
Kaliaropoulos, who held the group chief executive post since
2005, has been appointed chief executive of strategic assignments, responsible
for the company's acquisitions strategy.
Batelco and Saudi billionaire Prince Alwaleed's Kingdom
Holding are currently undergoing a due diligence process for a $950m stake buy
in telecom carrier Zain Saudi. The process was expected to be completed by end
Batelco board director Murad Ali Murad will take over the
position of deputy chairman for the company's board, the statement added.
In July, Batelco posted an 11.2 percent drop in
second-quarter net profit, its fifth straight quarterly decline, as customer
costs in its home market rose amid stiffening competition.