Etisalat braces up for a shakeup in its top management
Etisalat, the UAE based telecoms operator is reportedly bracing up for a top management overhaul. The shakeup could entail covering in for the retirement of its long serving chairman as well as appointing a new group chief executive.
According to sources, the anticipated changes in the telco’s top management will witness the exit of several top-notch executives including Chairman Mohamed Omran; expected to retire later in the year. In addition, the stock exchange could also see an announcement coming by this week.
In hindsight, the Abu Dhabi-listed former monopoly’s group financial officer Salem Al Sharhan had exited the company in April, citing personal reasons.
The telco in which the government owns 60 percent stakes, had posted a drop in profits by 14.9 percent, the preceding month; attributed to rising operating costs, in addition to increasing competition in its home market from Dubai-based operator du.