Robi searching for CEO 10 months after the last one resigned

Robi Axiata Limited, the country's second-largest mobile network operator, published a recruitment advertisement for a chief executive officer (CEO) yesterday – ten months after its last CEO resigned.

Generally, multinational or large companies do not look for CEOs through advertisements as they appoint officials at this post from their existing management or through negotiations with potential candidates.

When contacted, Robi officials refused to comment in this regard.

Currently, Robi's Chief Financial Officer (CFO) M Riyaaz Rasheed is working as the acting CEO of the company.

Candidates interested in the post of Robi CEO should have 20 years of work experience in the telecom sector. Candidates with 5-7 years of experience as CEO of any other telecom company will be preferred. The deadline for applying for the post is 10 July.

According to sources at Robi, after Mahtab Uddin Ahmed resigned from the post of CEO ten months ago, the authorities held discussions with several people, but could not finalise anyone for the position.

Mahtab Uddin Ahmed resigned from the post of Robi CEO in August 2021 before his term expired. He announced his resignation through a post on Facebook but did not mention any reason for stepping down.

He was the first Bangladeshi to serve as Robi's CEO for five years.

During his tenure, Robi was listed on the country's stock market in 2020. However, the company was criticised for not paying dividends to shareholders in the first year after listing.

The following year, Robi paid a 5% cash dividend to the shareholders. The company's shares are being traded in the "B Category" as it paid less than a 10% dividend.

Soon after launching, Robi's share price rose to Tk70 each, but recently it went below Tk30 each. Robi's share price closed at Tk28.60 on Wednesday.

At the end of the first quarter of FY22, Robi's subscriber base grew by 0.7% compared to the previous quarter to reach 5.41 crore. Compared to the same quarter in the previous year, its subscriber base grew by 4.1%.

During the first quarter of FY22, its data subscriber base grew by 0.3% compared to the previous quarter to reach 3.97 crores. Compared to the same quarter in the previous fiscal, Robi's data subscriber base grew by 8.3%.

The company had 2.48 crore 4G subscribers at the end of the first quarter of FY22.

Robi ended the first quarter of FY22 with Tk39.8 crore profit after tax. The company's earnings per share in that quarter was Tk0.08.