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Naeem Zamindar steps down as Chief Executive Officer Wateen Telecom - Press Release issued by Wateen Telecom Limited(Pakistan News Releases Via Acquire Media NewsEdge) July 23, 2014 (PPI-OT) Following is the text of press release issued by Wateen Telecom Limited Quote Naeem Zamindar has stepped down as CEO and Board Member of Wateen Telecom, Pakistan after completing a three and a half year-tenure that led to the restructuring and reorganization of Wateen, said official statement issued by the company. Naeem Zamindar will continue in his role until 31st July 2014. Naeem Zamindar drove the turnaround of Wateen for the past 3 years and turned it around from burning two billion rupees annually to generating a positive operating cash flow of one billion rupees. He has positioned Wateen into one of the leading technology and communication providers of Pakistan. It may be recalled that Naeem was appointed by Sheikh Nahayan bin Mubarak Al Nahayan, to the Board of Wateen to turn it around as CEO in December 2010. He brought in key new members to strengthen the management team and address the challenges at the Company. Working with the Board and shareholders Naeem played a key role in reorganizing the operational team. He also led the effort to successfully negotiate new financial terms with its lenders to give the company operating room to restructure and return to profitability. Naeem's leadership consolidated and refocused Wateen's businesses leading the effort in carving out the WiMax business and planning a merger with QuBee. The Company has now become the leading player in providing fiber, satellite, cable TV and wireless connectivity and information technology and communication solutions to mobile operators and enterprises al over Pakistan. His contribution enabled Wateen to emerge from a loss making entity to one which is generating positive EBITDA and is now viewed as a stable organisation set to build on these successes. An Abu Dhabi Group official statement said, "Naeem has played a tremendous role in helping cement Wateen's place in Pakistan's telecoms landscape. His vision to empower each and every Pakistani citizen has been the foundation of Wateen's recent successes. We wish him all the best in his future endeavours and hope to continue to uphold his legacy of excellence." Naeem Zamindar brings over a quarter of a century to assemble a career in which he started as an CPA and then moved on to successfully develop large business opportunities in mobile telephony, broadband, new media and information technology. Relying on his talents as an entrepreneur and venture capitalist, he has handled scaling of businesses and business turnarounds. He is one of the founding team members of Mobilink, and was a key member of the leadership team that grew Mobilink to become the leading telecom company of Pakistan. He developed his passion for venture capital at Intel Capital in the Silicon Valley where he worked on 29 venture capital investments focused on building companies in the internet/new media and wireless broadband space. For more information, contact:Salman MazharManager Corporate and PRWateen Telecom Limited4th Floor, New Auriga Complex,Main Boulevard, Gulberg II,Lahore, Pakistan.Tel: +9242 111 928 336Ph: +92 (0) 321 400 6222Email: [email protected] Unquote |