By John Lee.
Following delays in its required stock market listing, which resulted in the imposition of fines by Iraq's communications regulator, Zain Iraq has announced key changes in its senior management, starting with the CEO Emad Makiya, who has stepped down from his post on Wednesday:
Zain Iraq, an operating company of Kuwait's Mobile Telecommunications Co. (ZAIN.KW or Zain Group), Iraq's leading mobile operator by market share, today confirmed that Emad Makiya will step down as Chief Executive Officer (CEO) of Zain Iraq with immediate effect.
Zain Iraq also confirmed that its Chairman of the Board, Mohammed Charchafchi, will take over the role of Acting CEO on an interim basis. Meanwhile Mr. Makiya will remain as an adviser to Mr. Charchafchi in his new role.
Emad Makiya became CEO of Zain Iraq in June 2010, guiding the Company through a significant period of transition. Today, Zain Iraq's management team is comprised of experienced local and regional telecom experts who can take the company to its next level, to promote further market growth, greater innovation and achieve a listing on the Iraq Stock Exchange.
Commenting on today's announcement, Mohammed Charchafchi, acting Chief Executive Officer and Chairman of Zain Iraq, said:
"We are extremely grateful for the excellent contribution that Emad made to Zain Iraq, building a strong company that is the market leader in a fast growing sector of our economy. He worked effectively to build enduring relationships with the Government, Regulators and the wider market. He led the very significant steps towards the forthcoming IPO of Zain Iraq which is a real priority for management as well as Zain Group".
The changes in the senior management of Zain Iraq have taken place with the full support and agreement of Zain Group.
Eng. Nabeel Bin Salamah, Chief Executive Officer of Zain Group said:
"Zain Iraq is a successful business with a clear strategic focus and a strong senior management team. We thank Emad for his diligence and can look to the future with confidence".