Dhiraagu Announces Leadership Transition as Longtime CEO Prepares for Retirement After Nearly 40 Years

Dhiraagu PLC has announced a planned leadership transition following the forthcoming retirement of its Managing Director and Chief Executive Officer, Ismail Rasheed, after nearly four decades of distinguished service to the company and the nation.

As part of a structured succession plan, Valdemar Valde Ferradaz has joined Dhiraagu as Chief Executive Officer Designate, effective July 1. The succession process was led by Beyon and overseen by the Board's Remuneration, Nomination and Governance Committee, with the appointment of the Managing Director and Chief Executive Officer remaining the responsibility of the Dhiraagu Board of Directors.

Ismail began his telecommunications career with Dhiraagu's predecessor under Cable & Wireless before becoming part of the company's founding team in 1988. Throughout his distinguished career, he has played a pivotal role in the development of telecommunications and digital connectivity in the Maldives, leading initiatives that transformed the nation's communications landscape and helped establish the foundations of today's digital economy.

His notable achievements include playing a key role in the pioneering network rollout programme, connecting every inhabited island in the country, and leading the introduction of GSM mobile services nationwide. He also led the successful delivery of the Dhiraagu–SLT Submarine Cable System in 2006 and the development of the north–south domestic submarine cable network, which became the backbone of Dhiraagu's fully digital infrastructure. He played a key leadership role in Dhiraagu's 2011 IPO, including managing and marketing the offering to institutional and retail investors in the Maldives and overseas. As Managing Director and Chief Executive Officer since 2015, he has overseen a period of significant growth and transformation, including major investments in national digital infrastructure, expansion of next-generation mobile and fixed broadband services, and the successful completion of 100% Fibre-to-the-Home coverage across all inhabited islands of the Maldives.

Commenting on the announcement, Board Chairperson Ismail Waheed said that for nearly four decades, Ismail has helped shape the development of telecommunications in the Maldives and the growth of Dhiraagu. 

“His illustrious career has been defined by a deep and unwavering commitment to our customers and communities across the country. From delivering world-class solutions and universal fibre access across the whole country, his visionary leadership has enriched lives, created opportunities and supported the prosperity of communities across the Maldives,” he said.

The Board is also pleased to welcome Valde as Chief Executive Officer Designate. Throughout his international career, Valde has earned a reputation for building high-performing teams, fostering customer-centric organisations and leading businesses through periods of growth and change by building on their existing strengths. We are confident he will honour Dhiraagu's legacy while helping shape its next chapter of growth and innovation.

Valde brings more than 30 years of international telecommunications and digital services leadership experience across Africa, Europe, Asia and the Caribbean. From helping launch South Africa's first mobile network to holding senior leadership positions with Vodafone, Digicel, Cell C, Telkom Mobile and MVNX, he has built a distinguished career launching, growing and transforming telecommunications businesses across both developed and emerging markets.

His experience spans mobile and fixed telecommunications, digital services, enterprise and consumer markets, business transformation and organisational turnaround. Throughout his career, he has worked closely with governments, regulators, investors and strategic partners, supporting national digital development while delivering sustainable growth across diverse international markets.

Beyond his executive experience, Valde is recognised for a collaborative leadership style built on listening, empowering people and creating strong organisational cultures. He believes technology will continue to evolve, but sustainable success is created by trusted relationships, customer focus and people who feel genuinely valued and empowered.

During the transition period, Valde will work closely with Ismail, the Board and the Executive Management Team while meeting employees, customers, shareholders, regulators, government stakeholders and strategic partners. The transition programme has been designed to provide continuity of leadership, facilitate the transfer of knowledge and relationships, and ensure a seamless assumption of executive responsibilities.

I am very excited to be joining Dhiraagu and to have the opportunity to serve the Maldivian people, our economy, and our organisation. I feel honoured to have been chosen to play a key role in continuing to shape a legacy that has shaped the Maldives,” he said.

The Board confirmed that the transition process has been carefully designed to ensure business continuity, stakeholder confidence and continued execution of the company's strategy, with no change to the company's priorities, commitments or long-term direction.