Saudi Telecom Company announces CEO resignation, share buyback

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Saudi Telecom Co. (STC) said its board of directors accepted the resignation of chief executive officer Nasser Al-Nasser on Nov. 28, 2020, according to a bourse statement. The resignation, which will be effective March 28, 2021, was submitted for personal reasons. The board also delegated the nomination and remuneration committee to identify a new CEO and submit the list of candidates to the board, while taking STC’s succession plan into consideration. Any new development will be announced in due course, the firm said. STC completed the buyback of its shares allocated to the employees’ stock incentive plan on Nov. 26, 2020, the firm said in a statement to Tadawul.

Source: Saudi Telecom Company announces CEO resignation, share buyback (arabnews.com)


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