Etisalat revamps board, names new chairman
Abu Dhabi, July 3, 2012
Etisalat, the UAE's leading telecoms operator, overhauled its board on Tuesday, replacing long-serving chairman Mohammad Omran and naming six new directors following a decree by the Abu Dhabi ruler.
The changes come as Etisalat, which operates in 17 countries, tries to fend off stiffening competition from domestic rival du and improve the performance of its foreign operations, with the firm reporting declining profits in eight of the past nine quarters.
Eissa al-Suwaidi, who holds key positions in other Abu Dhabi entities, has been appointed chairman, replacing Mohammad Omran, who was also Etisalat's former chief executive.
Suwaidi is also the chairman of Abu Dhabi Commercial Bank as well as a director of government-controlled institutions in the emirate such as International Petroleum Investment Company (IPIC). Omran joined Etisalat in 1977 and was appointed chairman in 2005.
The decreee from UAE president Sheikh Khalifa al-Nahyan also appointed six new board members, including Essa Kazim, the chairman of Dubai Financial Market.
Etisalat, the Gulf's No.2 operator, is 60-per cent owned by the federal government and these appointees will be the government's representatives on Etisalat's board. Shares in Etisalat dropped 0.4 per cent on the Abu Dhabi bourse today.-Reuters