- ABU DHABI: The UAE’s Etisalat, which scrapped a $12 billion takeover of Kuwait’s Zain last month, said its group chief financial officer has resigned due to personal reasons.
Salem Al Sharhan will leave on May 3, the telecoms firm by value said in a statement.
Etisalat, also known as Emirates Telecommunications Corp, said Sharhan’s replacement would be announced soon.
Etisalat scrapped its offer to buy a controlling stake in Zain in March, citing Zain’s divided board, extended due diligence and regional unrest.
In March, Etisalat also withdrew plans to bid for Syria’s third mobile license, saying the terms did not offer sufficient value for shareholders.
Last week, Etisalat said first-quarter profit dropped 8.9 percent, missing forecasts.