Saudi Telecom Company (STC) accepted the resignation of the company's CEO Nasser Al-Nasser on Thursday for personal reasons, provided that his resignation will take effect from today, Sunday, in accordance with the decision of the Board of Directors.
STC's board of directors expressed its sincere gratitude and appreciation to Al-Nasser for his commitment and dedication during his tenure, wishing him success in future endeavors.
STC has also authorized the nomination committee to start searching for a new successor to the CEO and submit the list of candidates to the Board of Directors, taking into account the company's succession plan.
The company also said that any new developments will be announced in due course.
Meanwhile, STC completed the buyback of its shares allocated to the employee stock incentive scheme on November 26, the company said in a statement to "Tadawul".
The shares purchased for employees’ stock incentive plan will not be entitled to any pidends during the period the company holds them, STC said in its statement on Nov. 29, 2020.
In its statement today, STC said that the shares purchased for the employee stock incentive plan will not be entitled to any pidends during the period the company holds.
The company added that 2.98 million shares have been bought back at the value of 300 million Saudi riyals, pointing out that no additional shares will be purchased during the specified purchase period.
Founded in 1998, the Saudi Telecom Company expanded beyond its borders to acquire 25% of the Malaysian Axis Group, as well as 51% of Ntarend Co Pte in Indonesia, and 26% of the third mobile phone license in the Kuwait, and other investments in the African continent.
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