Kuwait telco Zain to cut 40 pct of staff - CEO

Kuwait telco Zain to cut 40 pct of staff – CEO

Nabil Bin Salama said the reductions would only apply to the parent group and not to its subsidiaries.

February 20, 2011 2:57 by Reuters

Telecoms operator Zain plans to cut 40 percent of its staff and reorganize its senior management structure, its chief executive said on Sunday.
Nabil Bin Salama said the reductions would only apply to the parent group and not to its subsidiaries.
“My strategy is to restructure and decrease the number in the Group as much as possible in order to receive the preferred benefits,” he said at press conference.
On Saturday, Zain said its chief operating officer, its chief strategy and business officer as well as an adviser to the the chief executive would all leave the firm at the end of March due to personal commitments.
“The management planned this policy and agreed on it a while back,” he said, adding that the restructuring will include positions in the upper management.
Zain rejected all offers to buy its stake in Zain Saudi on Sunday, throwing its planned $12 billion deal with Etisalat into jeopardy.
(Reporting by Ahmed Hagagy; Editing by Amran Abocar)