The resignation of Nasser bin Sulaiman Al-Nasser from the position of CEO of Saudi Telecom Company (STC), due to his special circumstances, has been accepted, as it will take effect from the end of March 2021.
According to Arabiya Net, Al-Nasser's resignation comes after a little more than two years that he spent at the head of the Saudi Telecom Administration.
Al-Nasser appointed CEO in June 2018 to replace Khaled Al-Bayari, who was appointed as Assistant Minister of Defense for Executive Affairs. Biari has been in the position for almost three years.
Saudi Telecom Company's shares have risen nearly 20% since Al-Nasser was appointed.
The departure comes amid a flurry of activity by the company to expand outside Saudi Arabia and enter new business lines.
The Saudi Telecom Company is in talks to buy the stake of Vodafone Egypt Group and raised $ 200 million to sell a stake in stc pay's digital payments unit to Western Union earlier this month .
and the Board of Directors decided to assign the Nomination and Remuneration Committee to start searching for a new CEO for the company and raise the list of candidates to the Board, taking into account the succession program in the company, so that the Board takes The appropriate decision regarding it, which will be announced at the appropriate time.
In previous statements to Al-Arabiya, the CEO of STC Group, Nasser Al-Nasser, said that the STC unit STC Solutions will be launched by next year 2021, but it is still The company is in the initial procedures and is awaiting approval by the Board of Directors and then the regulatory authorities.
and he explained that the acquisition by Western Union of a share of stc pay made it the first unicorn company (exceeding one billion dollars) in the Kingdom of Saudi Arabia, and the first financial technology company Fintech in The Arab region's value exceeds one billion dollars.
and stc group signed an agreement with Western Union - specialized in cross-border and cross-currency payments and transfers - to sell a minority stake in the Saudi digital payments company stc pay- A subsidiary company owned by stc Group by 100% - the amount of 15% and the value of 200 million dollars (750 million riyals) equivalent to the valuation of 5 billion riyals of the company.
