RIYADH: Zain KSA CEO Sultan bin Abdulaziz Al-Deghaither, who was instrumental in turning the company around, has died, the mobile telecommunications operator has announced.
Al-Deghaither, who served as CEO for six years, led the company through a transformational period that eliminated accumulated losses of over SR2 billion ($532.6 million) and tripled its market capitalization.
The company is mourning the top executive and posted on its X account: “It is with deep sorrow and sadness that the Zain Saudi family mourns the loss of their CEO Eng. Sultan bin Abdulaziz Al-Deghaither.”
Al-Deghaither first joined the company in 2009 as director of network planning and became CEO on July 1, 2018. Under his leadership, Zain KSA was ranked the 13th best performing brand in Saudi Arabia, according to the company's website.
Al-Deghaither also served as managing director of Tamam Finance Co. Ltd where his expertise helped create a fintech success story.
The board of directors of Saudi Tadawul Group Holding Co, representing all its employees, expressed its deep sorrow at the loss of Al-Deghaither, who also served as an independent board member and chairman of the group's nomination and remuneration committee.
The Tadawul Group said it would announce any updates on the appointment of a new board member and its committee chairman at a later date.
KSA Huawei also expressed its grief over the passing of Al-Deghaither in a post on its X account and expressed its sincere condolences to his family.
Al-Deghaither, who was also a board member of Al-Nassr FC, in his latest post on his X account, congratulated Saudi Arabia, Crown Prince Mohammed bin Salman and Minister of Sports Prince Abdulaziz bin Turki bin Faisal for presenting Saudi Arabia's bid to host the World Cup in football 2034.
“This achievement reflects our great aspirations and ambitious vision to share with the world,” he said in his post.
With 19 years of experience, Al-Deghaither had a strong track record in executive, operational and technical management. He led several pioneering projects that put Zain KSA at the forefront of the telecommunications industry in the Kingdom.
He developed a strategic vision for Zain KSA's business sector and supported significant investment in innovative technology and digital solutions, including cloud computing and future 5G applications, including IoT, artificial intelligence, blockchain and drones.
He led the transformation of Zain KSA from a telecommunications company to an integrated digital ecosystem that serves as a key pillar for the emergence and growth of new technology sectors in the Kingdom.
In 2022, he spearheaded a strategic partnership between Zain KSA and the PLAYHERA gaming and esports hub, leading to the establishment of PLAYHERA MENA.
Al-Deghaither advanced the country's fintech sector by launching Tamamu as the first consumer microfinance in the Kingdom and the Middle East. He oversaw its expansion and operational plan and achieved record profits in a short period of time.
He promoted the advancement of women to leadership positions in his company. Under his leadership, the company has seen greater empowerment of Saudi women at leadership levels and increased presence in the telecommunications sector.
Ranked among the top 300 CEOs in the telecommunications sector by the MENA TRNDS, Al-Deghaither holds a bachelor's degree in telecommunications and electrical engineering from King Saud University and an advanced management degree from IESE Business School in Spain.