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Sun 3 Feb 2013 11:37 AM

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Saudi Telecom domestic CEO quits - spokesman

Jameel Abdullah al-Molhem's departure follows that of group CEO Saud al-Daweesh

Saudi Telecom domestic CEO quits - spokesman

Saudi Telecom Co's (STC) CEO for its domestic operations has resigned, a company spokesman said on Sunday, the latest senior executive to quit the former monopoly.

STC declined to give further details. Jameel Abdullah al-Molhem's departure follows that of group CEO Saud al-Daweesh and international CEO Ghassan Hasbani last year.

The Gulf's number one telecom operator by market value posted a 79 percent drop in fourth-quarter profit in January, which it blamed on rising costs and one-off charges at its Indian and South African affiliates.

STC's shares are down 5.5 percent in 2013, underperforming the wider Saudi share index, which is up 3.8 percent.

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