Saudi Telecom Company announces CEO resignation, share buyback

Saudi Telecom Co. (STC) said its board of directors accepted the resignation of chief executive officer Nasser Al-Nasser on Nov. 28, 2020, according to a bourse statement.

The resignation, which will be effective March 28, 2021, was submitted for personal reasons.

The board also delegated the nomination and remuneration committee to identify a new CEO and submit the list of candidates to the board, while taking STC’s succession plan into consideration.

Any new development will be announced in due course, the firm said.