Ooredoo set for shake-up at the top - Mobile World Live

Ooredoo set for shake-up at the top

02 NOV 2020

Ooredoo announced a senior management shuffle, appointing a new MD and revealing long-serving CEO Sheikh Saud bin Nasser Al Thani would retire at the end of the year.

In a statement, Ooredoo said Al Thani, who served as CEO for 11 years, would step down effective from 31 December. A successor was not named.

Ooredoo chairman Sheikh Faisal Bin Thani Al Thani thanked the departing CEO “for all the milestones reached and achievements made across Ooredoo Group under his leadership”.

The company took the opportunity to also announce the appointment of Aziz Ahmad Fakhroo as MD.

Fakhroo has been a board member since 2011 and currently serves as the deputy undersecretary for financial affairs in Qatar’s Ministry of Finance.

Previously, he also held a role at the investment arm of the Qatar Investment Authority.

Numbers
In a separate statement, Ooredoo also announced its Q3 numbers. The company posted revenue of QAR7.3 billion ($2 billion), down 2 per cent year-on-year, due to a reduction in handset sales and roaming business, along with macroeconomic weakness.

Net profit rose 53 per cent to QAR650 million, attributed to favourable foreign exchange movements.

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Kavit Majithia

Kavit joined Mobile World Live in May 2015 as Content Editor. He started his journalism career at the Press Association before joining Euromoney’s graduate scheme in April 2010. Read More >>

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