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Du approves resignation of chairman

Company appoints board member Mohammad Al Hussaini as new chair, effective immediately

Dubai: Dubai-based telecommunications provider du said on Thursday it has approved the resignation of its chairman Ahmad Abdulla Bin Byat, who held the position for the past 12 years since the establishment of the company.

In a statement, the company did not elaborate on why the chairman resigned, but a spokesperson told Gulf News it was due to personal reasons.

The board of directors of Emirates Integrated Telecommunications Company (EITC), the parent company of du, also appointed Mohammad Hadi Al Hussaini as new chairman, with immediate effect.

Al Hussaini currently sits on the board of directors of five publicly-listed entities; du, Emirates NBD, Emirates Islamic Bank, Emaar Malls and Dubai Refreshments Company. He is also on the board of non-listed Dubai Real Estate Corporation.

He has professional experience in the banking and finance, real estate and investments sectors, and holds a Master’s Degree in International Business from Webster University in Geneva.

In a statement, du’s board of directors thanked now-former chair Bin Byat for “his service, strategic oversight and contribution to the growth of the company”, and wished him success in his future endeavours.

Two weeks ago, EITC proposed the highest annual dividend payout in the history of the company at 35 fils per share, excluding special dividend. This was after the company reported revenues for the full year crossing Dh13 billion. Profits for the year fell, however, reaching Dh1.71 billion compared to Dh1.75 billion in 2016.

The company’s chief executive officer said at the time that du is “re-centering” the business to set itself up beyond the connectivity business.

“We have put a new organisational structure in place last year, with the objective to protect our core telecom business and grow our adjacent businesses,” Osman Sultan, EITC’s CEO, had said in February.