Mobily sacks CEO Khaled Al-Kaf

Etihad Etisalat Company’s (Mobily) board of directors said on Tuesday that it has permanently dismissed managing director and chief executive Khaled Al Kaf from both positions.

The decision, effective immediately, came after the company reviewed its auditing committee’s findings regarding its restated financial statements. The auditors were assigned to identify the reasons behind the misleading results.

Mobily, Saudi Arabia’s second largest telecom services provider, said that that Al-Kaf submitted his resignation to the board on last week.

In November, the board had decided to suspend Al-Kaf pending the auditing committee’s reviews, according to data compiled by Argaam.