LAHORE, Dec 10: After the chief executive officer of a cellular company, the chief financial officer of the same company has also resigned from his post to join a competitor as chief executive officer (CEO).

Abdul Aziz, CFO Warid Telecom, who is also holding an additional charge of CEO of the company after the resignation of Hamid Farooq last moth, resigned from his post on Monday.

Sources in the cell company confirmed that Mr Aziz would join the Ufone as its CEO. The post of CEO of the Ufone has been lying vacant since Mubashar Naqvi joined Etisalat last month.

The sources said Abdul Aziz was offered the top slot in Warid but he preferred to switch over to other organisation. They said two names — one local and another foreigner — had been under consideration for the top slot of Warid and a decision in this regard is likely to be taken by the management of the Abu Dhabi group shortly.

Singtel had acquired 30 per cent shares of Warid in Pakistan a few months ago. Sensing a stiff competition in Pakistan the sources added that the company had to sell its shares to expand its network. They said that Singtel was also looking for having its management share in the company.

According to the Pakistan Telecommunication Authority’s annual report: “Singtel who has been trying to enter Pakistan telecom sector has finally got successful by buying 30 per cent shares of Warid Telecom and has invested around US$758 million. Although Warid has been making good investments from its own local and foreign resources however it is grappling with low average revenue per user (ARPU) that could only be managed through big foreign backing.”

The report further says that the revenue per user per month of Warid is $2.5 in 2006-07. It says that ARPU is dropping across the world and Pakistan is no exception. The drop rate was moderate till 2005 but it rapid decline was experienced in preceding year. In 2006 there was 31 per cent decline in the industry ARPU and in 2007 it was 44 per cent.