Dhiraagu Chief Executive Officer Ismail Rasheed stepped down from his role today, ending an 11-year period as the company's CEO.

His retirement comes after over ten years leading the company.

After his retirement, Valdemar Ferradaz, a national of South Africa, took on the position of Chief Executive Officer today. He comes to Dhiraagu with over 30 years of global leadership experience in telecommunications and digital services. The appointment was initiated by Beyon, the primary shareholder of the company, under the supervision of the Dhiraagu Board Committee.

In a LinkedIn post, Ismail conveyed his gratitude to the employees and partners of Dhiraagu. He emphasized the firm's status as the leading player in the industry, offering services to all populated islands, resorts, and homes throughout the Maldives.

Ismail has committed over 40 years of work across various industries during his career.

Ismail, who has been with Dhiraagu since its founding in 1988, was instrumental in the launch of GSM services in the Maldives, managing the nationwide network growth and enhancing the country's digital infrastructure through the Dhiraagu-SLT submarine cable initiated in 2006, alongside later domestic submarine cable initiatives.

He also took a prominent part in overseeing and marketing Dhiraagu's Initial Public Offering (IPO) in 2011. Upon taking on the role of Chief Executive Officer and Managing Director in 2015, he directed the company during a time of considerable expansion and technological progress.