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Press Releases: Zain Board of Directors Accepts Resignation of Dr Saad Al Barrak |
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Friday, 05 February 2010 |
Kuwait, 4 February 2010 --- The Board of Directors of mobile telecommunications company Zain Group held a meeting at 13:00 on Thursday, 4 February 2010 to discuss the resignation submitted by the company’s Managing Director and Vice Chairman, Dr. Saad Al Barrak. Following extensive deliberation among the board members, the resignation was accepted and will be effective 1 March 2010.
The Board, in accordance with the company’s Articles of Association, has called on the reserve member for the interim and also discussed the creation of the new position of chief executive of Zain Group, the holder of which would succeed Dr Al Barrak in undertaking the executive management of the group. The members of the Board however decided to defer naming Dr Al Barrak’s successor until its next meeting.
The Board of Directors made clear its appreciation of all that Dr. Saad Al Barrak had achieved for the company over the past seven years, in particular his ambitious 3x3x3 strategy and the pivotal role he has played in transforming the group’s performance to match that of the world’s major international telecommunications companies. In doing so, Dr Al Barrak made Zain the fourth largest mobile network in the world in terms of geographic presence.
Reaffirming its commitment to pursuing to the highest standards of corporate governance and transparency, the Board announced that all its decisions and resolutions would continue to be governed by the company’s Articles of Association. Furthermore the company would remain committed to its stated goal of becoming a top ten global mobile operator by 2011.
Finally, the Board of Directors wants to reassure all Zain shareholders that it will continue to perform its duties to maximize the company’s value while abiding by the highest ethical and professional standards.
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