Saudi Telecom’s CEO quits after two years

Saudi Telecom Co. (STC), the biggest mobile operator in the Middle East, said its chief executive officer resigned after just over two years in the role.

Nasser Al Nasser is leaving STC, as the company is known, due to personal circumstances and will remain in his role until March 28, the company said in a statement on Sunday.

A search for a successor is underway.

Al Nasser was appointed CEO in June 2018 to replace Khaled Biyari, who was named assistant minister of defense for executive affairs. Biyari had been in the role for about three years.

STC shares have risen almost 20 per cent since Al Nasser was appointed, compared with a 4.2 per cent increase for the Saudi stock exchange.

The departure comes amid a flurry of activity by the company to expand outside Saudi Arabia and into new lines of business. STC is in talks to buy out Vodafone Group’s stake in its Egyptian business, and raised $200m selling a stake in its digital payments unit stc pay to Western Union earlier this month.

It’s also planning to sell shares in its internet services unit Solutions by STC next year, and is continuing to invest in startups through its $500m venture capital arm, STV.