Du chairman Ahmad Bin Byat resigns

Long-serving senior executive to be replaced by board member Mohamed Al Hussaini

Ahmad bin Byat has been chairman of du since its inception in 2006. Reem Mohammed / The National

Du’s chairman Ahmad Bin Byat has stepped down with immediate effect, as the Dubai-based telco’s organisational and management changes continue.

Mr Bin Byat, who has served as chairman of the telecoms operator since its inception in 2006, will be replaced by Mohamed Al Hussaini with immediate effect, du’s holding company EITC said in a statement on the Dubai stock exchange on Thursday morning.

No reason was given for his departure.

“The Board of Directors expressed its gratitude towards Mr Ahmad Bin Byat for his loyal service, strategic oversight and contribution to the growth of the company, and wishes him success in his future endeavours,” EITC said in its statement.

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EITC in October announced an overhaul of its organisational structure to focus on managed services and other growth areas, amid flattening traditional revenues sources.

The overhaul saw the appointment of two new deputy chief executives, Fahad Al Hassawi and Farid Faraidooni, to head up newly created divisions for Digital Lifestyle and Innovation, and ICT Solutions respectively.

Mr Al Hussaini currently sits on EITC’s board, and also sits on the boards of Emirates NBD, Emirates Islamic Bank, Dubai Refreshments Company and Emaar Malls, as well as Dubai Real Estate Corporation.

Mr Bin Byat last year stepped down a year ago from his role of vice chairman of Dubai Holding, the investment conglomerate owned by Sheikh Mohammed bin Rashid, the Vice President and Prime Minister and Ruler of Dubai, as part of a management reshuffle.

Du shares, listed on the the Dubai stock exchange, were unchanged yesterday at Dh5 a piece.