Telecom operator Zain Group announced the restructuring of the top management by removing Scott Gegenheimer from the position of CEO and by appointing him in new role of CEO of operations.
Zain, which has strong investment plans to bolster revenue from mobile Internet, has appointed Mohannad Mohammed Al-Kharafi as chairman, Bader Nasser Al-Kharafi as vice-chairman and CEO, and Scott Gegenheimer as CEO of operations.
Earlier, Scott Gegenheimer was the CEO of Zain Group. The company did not reveal reasons for removing Scott Gegenheimer from the position of CEO.
Zain Group’s net profit increased 2 percent to KWD 157 million or $519 million, while revenue was KWD 1.1 billion or $3.6 billion with EBITDA of KWD 512 million or S$ 1.7 billion that grew 3 percent in 2016. Zain Group’s customer base grew by 3 percent, reaching more than 47 million customers.
“We made tremendous progress in focusing on the operational efficiency, strengthening our plans to rationalize costs and capital expenditures. With respect to total capital expenditure, this totaled USD 635 million for the year excluding Zain Saudi Arabia,” Mohannad Mohammed Al-Kharafi said at the annual generating meeting of Zain.
Zain Iraq reached a settlement with the country’s Finance Ministry related to an imposition of a capital gains tax on its acquisition of Iraqna in 2007. This resulted in the lifting of restrictions on the trading of Zain Iraq’s shares, access to the company’s bank deposits, and the waiving of penalties and interest on taxes.
Zain continues to be a market leader with respect to market share in five of its eight markets of operation.
“Zain Group continues to focus on innovation in digital services, and to invest in the business sector, and we expect our investment program to drive us in new areas as we collaborate with innovative technology players,” Al Kharafi said.
Zain has identified service provision in the smart cities space and in B2B / enterprise sector.
