Emirates Integrated Telecommunications Company, or Du, as the telecoms operator is known, reshuffled its top executive management, appointing a new managing director and an acting chief executive.
Ahmad Julfar, a telecoms industry veteran and a member of the du board, is taking over as managing director, the company said in a statement on Sunday to the Dubai Financial Market, where its shares trade. Fahad Al Hassawi will take on the role of acting chief executive.
The company's board approved the new appointments at its September 17 meeting, as it “reviewed the organisation structure of the company”, it said.
Mr Hassawi replaces Johan Dennelind, whose appointment was announced in September last year. He joined the company earlier this year following the retirement of long term chief executive Osman Sultan. Du did not give a reason for Mr Dennelind's departure from the company.
Founded in 2005 as the UAE’s second licensed telecommunications provider, EITC is 50.12 per cent owned by Emirates Investment Authority, 10.06 per cent by Mubadala Investment Company and 19.7 per cent by Emirates International Telecommunications, with the public owning the remaining shares.
Earlier this month, the company signed a Dh800 million agreement with the UAE's Technology Holding Company to sell its minority stake in Khazna Data Centres.
The deal will result in a cash flow of Dh800m, with an estimated Dh521m profit. It will reflect in du’s third quarter earnings, provided the deal is completed before September 30, the company said at the time.
In July, du reported a 38 per cent drop in its first-half net income as revenue fell amid the pandemic-related movement restrictions and lower rates of business activity.