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Zain CEO quits
Saad al-Barrak tenders his resignation after proposed sale of controlling stake in the telco is delayed.
February 3, 2010 12:01 by kippreport
Zain’s chief executive officer has resigned just one month after the company’s second-largest shareholder said it may delay the sale of its stake in the Kuwait company.
Saad al-Barrak’s resignation will be presented to the Zain board for consideration, according to a posting to the Kuwait Stock Exchange today.
According to a report by Bloomberg, the resignation may be linked to the delayed sale of a controlling stake in Zain by Kharafi Group.
“A number of people have already resigned from Zain because of a failure to manage and execute the Zain deal,” Jassim al-Saadoun, head of Al-Shall Economic Consultants in Kuwait, told Bloomberg.