Dhiraagu Managing Director and Chief Executive Officer Ismail Rasheed has announced his retirement after 40 years of service with the company.

Dhiraagu is appointing Valdemar Ferradaz (Valde), a South African telecommunications executive, as its new CEO. During the transition, Walde will work under the guidance of Ismail Rasheed.

The company said Valde has more than 30 years of experience in the telecommunications industry and has held senior leadership positions at major companies, including Vodafone. Dhiraagu expects him to lead the expansion of its digital services while strengthening the company's internal culture.

Ismail Rasheed has been with Dhiraagu since its establishment in 1988 and played a key role in its growth. During his tenure, the company expanded mobile and fibre networks to all inhabited islands and connected the Maldives through international submarine cable systems. Since becoming CEO in 2015, he has also helped lay the foundation for the country's digital economy.

Dhiraagu's Board of Directors said the leadership transition will not affect the company's day-to-day operations or long-term strategy, adding that it remains committed to maintaining high-quality services and driving innovation.