Kuwaiti telecoms company Zain said its Iraqi unit has announced key changes in its senior management starting with the CEO Emad Makiya, who has stepped down from his post on Wednesday.
Zain Iraq, the country's leading mobile operator by market share, confirmed that the company board chairman Mohammed Charchafchi, will be the acting CEO.
The changes in the senior management have taken place with the full support and agreement of Zain Group, said a statement from the company.
Commenting on the move, Charchafchi said: 'We are extremely grateful for the excellent contribution that Makiya made to Zain Iraq, building a strong company that is the market leader in a fast growing sector of our economy.'
'He worked effectively to build enduring relationships with the Iraqi government, regulators and the wider market. He led the very significant steps towards the forthcoming IPO of Zain Iraq which is a real priority for management as well as Zain Group,' he added.
Makiya took over as Zain Iraq CEO in June 2010, guiding the company through a significant period of transition, the telecom firm said in a statement.
Today, Zain Iraq’s management team comprises experienced local and regional telecom experts who can take the company to its next level, to promote further market growth, greater innovation and achieve a listing on the Iraq Stock Exchange.
Makiya will remain as an adviser to Charchafchi in his new role, said the company statement.
Zain Group CEO Nabeel Bin Salamah said., 'Zain Iraq is a successful business with a clear strategic focus and a strong senior management team. We thank Emad for his diligence and can look to the future with confidence.'