Etisalat names new group CEO
Abu Dhabi, August 24, 2011
UAE telecoms operator Etisalat has appointed Ahmad Abdulkarim Julfar to a newly created group chief executive role as part of a new global expansion strategy, it said on Wednesday.
Julfar was most recently chief operating officer at the Abu Dhabi-listed former monopoly, the company said.
Julfar also serves on the board of Etisalat's two international subsidiaries, including its Saudi Arabian venture Etihad Etisalat (Mobily), a company statement said on Wednesday.
'The appointment comes as part of a new expansion phase that will see Etisalat strengthen its position globally,' it said.
Etisalat, which dropped plans to buy a controlling stake in Kuwait's Zain for $12 billion earlier this year, currently operates in 18 countries.
The state-owned telco was preparing for a major management shake-up that included the retirement of its long-time chairman and the appointment of a new group chief executive, a local newspaper reported earlier in the month.
The Gulf's largest telecoms firm, which is 60-per cent-owned by the government, reported a 14.9 per cent drop in profits last month, on higher operating costs and increasing competition in its home market from Dubai-based operator du .
Etisalat's group financial officer Salem Al Sharhan left in April, citing personal reasons. The company's shares were up 0.5 percent in early Abu Dhabi trade.-Reuters