Mobily [7020.SE] has announced that its board has approved the resignation of its CEO, Ahmed Farroukh effective immediately and has appointed Ahmed Abdelsalam as new CEO. The resignation of Farroukh comes as the company concludes the restabilisation stage and prepares for the growth phase, according to Mobily. Abdelsalam previously held the position of Managing Director and CEO at Global Telecom Holding (GTH). Prior to this, he was the CEO of GTH’s subsidiary in Bangladesh, Banglalink.   Mobily: SAR22.34 as of 09 January 2017, Rating: Neutral, TP: SAR24.53 per share, MCap: USD4,587mn, EEC AB / 7020.SE Global Telecom Holding: USD1.93 per GDR/ EGP7.74 per share as of 09 January 2017, Rating: Buy, TP: USD2.93 per GDR/ EGP10.48 per share, MCap: USD2,019mn, GLTD LI / GLTDQ.L