Saudi’s Mobily Says Chairman Quits, Appoints Replacement

The chairman of Saudi Arabia’s Etihad Etisalat (Mobily) has resigned with immediate effect, the Kingdom’s No.2 telecommunications operator said on Tuesday.

Abdulaziz al-Saghyir quit due to health reasons, but will remain on Mobily’s board, the company said in a statement to Riyadh’s bourse.

Mobily has appointed Suliman bin Abdulrahman al-Gwaiz as chairman, effective Feb. 23. Gwaiz is also chairman of Banque Saudi Fransi and governor of state-owned fund the General Organization for Social Insurance, the statement said.

The telecom operator reported a surprise fourth-quarter loss of SAR2.28 billion ($607.9 million), while in November it also cut its profits for 2013 and the first half of 2014 by a combined SAR1.43 billion.