Saudi Telecom Company (STC) announced its CEO Nasser Al Nasser has resigned from the position and will depart at the end of March 2021, with a process to find his successor underway.
In a statement, STC said Al Nasser was leaving due to personal circumstances, and his resignation would take effect as of 28 March 2021.
He will leave the role after just under three years, after being appointed in June 2018 to replace Khaled Biyari, who left for a government role as Assistant Minister of Defence for Executive Affairs.
Under Al Nasser’s leadership, STC has embarked on a strategy shift, attempting to expand its presence outside Saudi Arabia and into new segments. It has been in talks to acquire a majority stake [1] in Vodafone Egypt, with negotiations ongoing and raised $200 million by selling a stake in its mobile payment platform to Western Union. [2]
STC added its board of directors had delegated the nomination and remuneration committee to start searching for a CEO successor, with any new development announced in due course.
[1] https://www.mobileworldlive.com/featured-content/top-three/vodafone-egypt-saga-rolls-on-as-deal-expires
[2] https://www.mobileworldlive.com/featured-content/money-home-banner/stc-pay-bags-200m-western-union-investment
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