We have just confirmed, Tariq Malik, CEO of Wateen Telecom has resigned from his position after trembling 2 finals years heading the company.
Mr. Malik’s resignation was earlier rumored couple of months back, when he was given a final chance to bring the company back to the track. This rumor strengthened when he opted for leave then, reportedly due to illness.
Now, multiple sources in company have confirmed us Mr. Malik’s resignation, however, we were not able to get official word on this.
Farrukh Hayat is named as upcoming CEO of the company, however, final decision is said to be pending at Dhabi Group’s table.
Wateen, despite of its diversified business and IPO earlier this year, has been going through financial and managerial crisis for over than a year now.
Wateen closed at Rs. 4.01 with highest level of Rs. 4.03 per share today, 60 percent less than the face value of Rs. 10 at the time of IPO.
Wateen has officially denied Mr. Malik’s resignation and said there is no such news as of now. It said Tariq Malik is very much CEO of the organization.