Dhabi Group has relieved Mr. Naeem Zamindar from his responsibilities at Wateen Telecom, we have confirmed with sources.
According to a source who is directly aware of the development, Mr. Naeem was today asked to step down as CEO and member of Wateen board.
An official statement, however, claims that Naeem Zamindar resigned from his position after completing a three and a half year-tenure that led to the the restructuring and reorganization of Wateen.
Naeem Zamindar, who had joined Wateen Telecom back in December 2010, was working without a contract for over eight months. His contract had expired in December 2013 and was not given any extension since then. But he was asked to continue working till further notice.
Dhabi Group, however, today decided to relieve Mr. Zamindar of his duties at the company.
Sources tell that Dhabi Group wasn’t convinced with Mr. Naeem Zamindar, particularly because he was unable to deliver the targets that he had committed at the time of his appointment.
Under Naeem Zamindar, company kept losing its market to a level that Wateen Telecom posted a loss of Rs. 18 billion last year, the highest in company’s history.
Wateen, sitting on the top of country’s largest Fiber Optic network, is a gold mine and had the potential of becoming the top ICT company of Pakistan.
Despite having all sorts of communication technology available, and variety of solutions that it could offer to the corporations, company heavily relied on ICH revenues that are also nearing its ultimate end due to possible withdrawal of ICH policy.
Dhabi Group is yet to announce the next CEO of the company.