Second STC CEO quits post in less than a year

Updated 18 March 2013
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Second STC CEO quits post in less than a year

Dr. Khaled Abdulaziz Al-Ghoneim, Group Chief Executive Officer of the Saudi Telecom Company, resigned from his post yesterday.
It was the second resignation of a STC group chief executive officer in 10 months, and marks another high-level management shift over the past year.
Confirming the resignation, an official from the company told Arab News that the letter of resignation was submitted by Al-Ghoneim at 10 a.m. yesterday.
According to a statement on Saudi Arabia’s stock exchange website, STC said it had accepted Ghoneim’s resignation, but did not name a replacement or say when Ghoneim would leave his position.
Al-Ghoneim was appointed as the group CEO of Saudi Telecom Company in June 2012. He succeeded Saud Al-Dawish, who had quit his post last year.
Last August, the company announced a number of changes within its management structure involving executive positions.
The STC Group earlier announced that it had accepted the resignation of Ghasan Hasbani from his position as Group CEO-international operations due to the end of the contractual period.
In September, Dr. Ziad Al-Otaibi, group CEO for technical operations, also resigned. Otaibi’s resignation was preceded by Dr. Saad Bin Dhafer, Al-Qahtani Group CEO for strategic affairs.
Last month, Jameel Al-Molhem, Saudi Telecom chief executive for Saudi Arabia operations, also resigned from his post.
Al-Ghoneim was previously a consultant for the defense and aviation ministries. He also serves on the boards of many local companies. Ghoneim joined STC from Riyadh-based Al Elm Information Security Company.
The STC is the second largest telecom operator, which serves more than 160 million subscribers in 11 countries.
In January, STC reported 6.7 percent increase in revenue. The increase in revenue is attributed to the growth in Broadband (fixed and mobile), Business and wholesales services domestically and from international operations.
STC has spent billions of dollars on foreign acquisitions in the past decade, according to Reuters calculations, buying into many markets including Turkey, Indonesia, Kuwait and Bahrain. Yet it remains reliant on home, with the Kingdom providing 68 percent of revenue in 2012.
The company’s shares have fallen 5.8 percent this year, underperforming the main Saudi index, which is up 3.7 percent.


Arab News moves editorial headquarters to Riyadh

Updated 19 min 26 sec ago
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Arab News moves editorial headquarters to Riyadh

  • Newspaper to be based at owning group’s corporate office building in Saudi Arabia’s capital
  • Managing Editor Mohammed Al-Sulami promoted to newly created position of Jeddah bureau chief

JEDDAH: Four decades after its establishment in Jeddah, Arab News — the region’s leading English-language daily — is announcing that it is moving its editorial headquarters to the Saudi capital, Riyadh.

The head office of the newspaper, which today celebrates its 43rd anniversary, will be relocating to the corporate headquarters building of its owning group, the Saudi Research and Marketing Group (SRMG).

The SRMG building — on Makkah Al-Mukarramah road in Riyadh’s Al-Mutamarat district — is also home to the headquarters of several of Arab News’ sister publications, including the Arabic-language business daily Al-Eqtisadiah, Arriyadiyah sports daily and the Saudi bureau of the regional pan-Arab daily Asharq Al-Awsat.

“When Arab News was established in 1975, most embassies and major corporations — including SRMG — were based in Jeddah. Things have changed since and given the magnitude of events and regional decision-making taking place in the Kingdom’s capital, it only makes sense for us to be moving into our owning group’s headquarters in Riyadh,” said Faisal J. Abbas, editor in chief of Arab News.

“We at Arab News claim to be The Voice of a Changing Region, and we can’t be that voice if we are not at the heart of this change. This move will bring us closer to local and visiting decision-makers, while our Jeddah bureau will continue to serve as an important regional hub,” he added.

The new address and contact details of the paper has been reflected in both its print and online editions as of today. The official inauguration of the new headquarters in Riyadh will take place at a ceremony to be held later this quarter.

Arab News also announces the promotion of Managing Editor Mohammed Al-Sulami to the newly created role of Jeddah bureau chief, supervising editorial and administration operations for the whole western region of Saudi Arabia. Al-Sulami — a Saudi journalist who has been with the newspaper since 2009 — assumes his new duties as of May 1, 2018.