Former chairman of Etihad Etisalat Co. (Mobily), Abdulaziz Al-Saghyir, drastically cut his stake in the company from 15 million shares to 5.5 million in 2014, according to a board report.

Earlier this month, Mobily, Saudi Arabia’s second-largest telecom operator, said chairman Al-Saghyir resigned for “health” reasons, according to data compiled by Argaam. However, he remained on the company’s board.

Suliman bin Abdulrahman al-Gwaiz, the governor of the state-owned General Organization for Social Insurance fund (GOSI), was named as the new chairman.

Most of the teleco’s other holdings saw no major changes. Former chief executive Khalid Al-Kaf maintained his equity of 308,000 shares until Dec. 31, 2014.

Al-Kaf was sacked on Wednesday on the back of an accounting probe into Mobily’s 2014 financial statements.

The company recently reported that it lost a staggering SAR 913 million in fiscal year 2014. In its unaudited preliminary financials, it reported a net profit of SAR 220 million, compared to SAR 5,937 million for the previous fiscal year 2013.