Saudi operator announced group chief executive officer Nasser Al Nasser resigned from his role and will depart the company on 28 March 2021, due to personal circumstances.
In a note to the Saudi Stock Exchange Tadawul, the STC board of directors said it began searching for a successor delegating the task to the Nomination and Remuneration Committee, who will then submit a list of candidates.
The board “extended their sincere gratitude and appreciation” to Al Nasser, who showed “commitment and dedication” during his tenure of almost three years. He joined STC in June 2018 as acting CEO replacing Khaled Bin Hussain Biyari who was appointed as assistant minister of defence for executive affairs by the government.
During his time in the hot seat, Al Nasser oversaw the company expanding out of its home market, most notably aiming to acquire a controlling stake in Vodafone Egypt, while also expanding its STC Pay digital payment services into Gulf states, which attracted a $200 million investment from Western Union.