In a statement issued on Tadawul, STC announced the resignation of Al-Daweesh on April 2nd. The Group CEO will remain in his position for the next six months to ensure smooth handover prior to retirement.
“Saud has been instrumental in the transformation and the growth path of the company,” Dr Mohammad AL Jasser, Chairman of the Board of STC Group, said
Al-Daweesh spent the last six years leading the company and more recently, he became Group CEO as the organization was restructured to cater for its international operations.
His career including the transformation of the company into a global operation with over 160 million subscribers and 19 operations in south East Asia, The Middle East, Turkey and Africa. The company is the largest among its regional peers in terms of revenues, subscribers and market capitalization. The STC business has also shown an upward trend in its financial performance in the Saudi market with a solid competitive performance.
“I made this decision for personal reasons and I am fully confident that the organization will continue its journey of success with highly skilled and enthusiastic people in the company,” Al-Daweesh said.
“I will make sure that the responsibility is handed over smoothly over the next six months and I thank all those who worked in the company with me and dedicated their efforts to make us all proud.”