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Saudi Telecom Falls After CEO Khaled Al Ghuniem Resigns

Saudi Telecom Co. (STC) said Chief Executive Officer Khaled Al Ghuniem quit after almost nine months in the post. The shares fell.

Al Ghuniem cited “special circumstances” for his resignation, the largest Saudi phone company said in a statement to the Saudi bourse without being more specific.

The departure follows last month’s resignation of Jameel Al Molhem, head of local operations, and the exit within the past year of Ghassan Hasbani, chief of international operations, and previous CEO Saud Al Daweesh. The company reported a 79 percent drop in fourth-quarter earnings from a year earlier.

The shares fell as much as 2.5 percent, the most since Jan. 21, to 39.8 riyals ($10.61), and were at 40 riyals as of 4 p.m. Riyadh time.

Eleven analysts have a buy rating on the stock, while three recommend investors hold the shares, according to data compiled by Bloomberg.

To contact the reporter on this story: Deema Almashabi in Riyadh at dalmashabi@bloomberg.net

To contact the editor responsible for this story: Shaji Mathew at shajimathew@bloomberg.net

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