Saudi Telecom Company announces CEO resignation, share buyback

Saudi Telecom Company announces CEO resignation, share buyback
Former STC Group CEO Nasser Sulaiman Al-Nasser speaking at the telecom provider’s unified brand identity launch, in Riyadh. (Supplied)
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Updated 29 November 2020

Saudi Telecom Company announces CEO resignation, share buyback

Saudi Telecom Company announces CEO resignation, share buyback
  • The resignation, which will be effective March 28, 2021

Saudi Telecom Co. (STC) said its board of directors accepted the resignation of chief executive officer Nasser Al-Nasser on Nov. 28, 2020, according to a bourse statement.

The resignation, which will be effective March 28, 2021, was submitted for personal reasons.

The board also delegated the nomination and remuneration committee to identify a new CEO and submit the list of candidates to the board, while taking STC’s succession plan into consideration.

Any new development will be announced in due course, the firm said.

STC completed the buyback of its shares allocated to the employees’ stock incentive plan on Nov. 26, 2020, the firm said in a statement to Tadawul.

A total of 2.98 million shares, with an approximate value of SAR 300 million (SAR 100.58 per share) were bought back in one tranche, and no additional shares will be purchased during the specified purchase period, it added.

On April 20, 2020, STC’s shareholders approved buying back 5.5 million shares at SAR 300 million ($80 million). Shareholders had also authorized the board to buy back the shares within eight months of the extraordinary general assembly date.

The shares purchased for employees’ stock incentive plan will not be entitled to any dividends during the period the company holds them, STC said in its statement on Nov. 29, 2020.

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