RIYADH: The CEO of Zain KSA, Sultan bin Abdulaziz Al-Deghaither, who is credited with turning the company around, has passed away, the mobile operator announced.
Al-Deghaither, who served as CEO for six years, led the company through a transformative period, eliminating over SR 2 billion ($532.6 million) in accumulated losses and tripling its market capitalization.
The company is mourning the top official, writing on its X account: “With deep sadness and grief, the Zain Saudi family mourns the loss of its CEO, Eng. Sultan bin Abdulaziz Al-Deghaither.”
Al-Deghaither joined the company in 2009 as head of network planning and became CEO on July 1, 2018. Under his leadership, Zain KSA was ranked as the 13th most powerful 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 success story in the fintech space.
The board of Saudi Tadawul Group Holding Co, which represents all its employees, expressed its deep sadness at the loss of Al-Deghaither, who also served as an independent director and chairman of the group's nomination and remuneration committee.
The Tadawul Group said it would later announce any updates regarding the appointment of a new board member and the chairman of its committee.
KSA Huawei also expressed its sadness over Al-Deghaither's passing in a post on its X account and expressed its sincere condolences to his family.
In his last post on his X account, Al-Deghaither, who was also a board member of Al-Nassr FC, congratulated Saudi Arabia, Crown Prince Mohammed bin Salman and Sports Minister Prince Abdulaziz bin Turki bin Faisal on the submission of Saudi Arabia's bid to host the football- WC 2034.
“This achievement reflects our great ambitions and ambitious vision to share with the world,” he said in his post.
With 19 years of experience, Al-Deghaither had a solid track record in executive, operational and technical management. He led several pioneering projects that placed Zain KSA at the forefront of the telecom industry in the Kingdom.
He developed a strategic vision for Zain KSA's business sector, which promoted significant investment in innovative technology and digital solutions, including cloud computing and future 5G applications, including the Internet of Things, artificial intelligence, blockchain and drones.
He led Zain KSA's transformation from a telecom company to an integrated digital ecosystem, which served as a key pillar for the emergence and growth of new technology sectors in the Kingdom.
In 2022, he led the strategic partnership between Zain KSA and gaming and esports hub PLAYHERA, which led to the establishment of PLAYHERA MENA.
Al-Deghaither developed the country's fintech sector by launching Tamam as the first consumer microfinance entity in the Kingdom and the Middle East. He oversaw its expansion and business plan and achieved record profits in a short period of time.
He advocated the advancement of women to leadership positions within his company. Under his leadership, the company saw increased empowerment of Saudi women at the leadership level, strengthening their presence in the telecommunications sector.
Ranked among the top 300 CEOs in the telecommunications sector by the MENA TRNDS, Al-Deghaither held a bachelor's degree in telecommunications and electrical engineering from King Saud University and an advanced management program degree from IESE Business School in Spain.
