Etisalat appoints CFO in latest management reshuffle

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Etisalat has appointed Ahmed Al Awadi as chief financial officer of its UAE operations, in the latest management reshuffle at the Abu Dhabi-listed telecommunications firm.

Mr Al Awadi has worked at Etisalat since 1999, with stints at Mobily - the company’s operation in Saudi Arabia - and as director of mergers and acquisitions.

His more recent position was vice president of international investments, Etisalat said in a statement.

The appointment marks the latest management reshuffle at Etisalat. In July, the UAE firm said it had appointed Eissa Mohammad Al Suwaidi as chairman, replacing Mohammad Omran.

In February, Etisalat named Saleh Al Abdooli as the new chief executive of its UAE operations, replacing Nasser bin Obood, the acting chief executive.

The management changes come after a series of setbacks for Etisalat, including intensifying competition in the UAE, its exit from the India market and failure to acquire rival operator Zain.

Such issues weighed heavily on Etisalat, which reported several consecutive periods of profit declines.

But in July the firm said its net profit had risen by 17 per cent in the second quarter compared with the same period last year.