Riyadh – Mubasher: Saudi Mobile Telecommunications Company's (Zain) board of directors on Sunday approved the resignation of CEO Peter Kaliaropoulos and selected Sultan Abdulaziz Al Deghaither as his replacement.

Kaliaropoulos’ resignation will be effective on 30 June, whereas Al Deghaither will lead the Saudi telecommunications firm as of 1 July, according to a statement to the Saudi Stock Exchange (Tadawul).

“Kaliaropoulos led Zain Saudi in delivering its first ever net profit and accelerated the customer-focused operating culture and the development of Saudi talent,” the statement added, citing Zain’s chairman Naif bin Sultan Al Kabeer as saying.

Zain’s stock rose 2%, to close Sunday at SAR 7.20.