Dhiraagu CEO Ismail Rasheed to Retire After Four Decades, Valdemar Ferradaz Named Successor

Dhiraagu PLC announced on Tuesday that Managing Director and Chief Executive Officer Ismail Rasheed will retire after nearly 40 years with the company, with Valdemar Ferradaz appointed Chief Executive Officer Designate effective 1 July 2026.

The company said the leadership transition follows a structured succession plan led by Beyon and overseen by the Board's Remuneration, Nomination and Governance Committee. The appointment of the Managing Director and Chief Executive Officer remains the responsibility of the Dhiraagu Board of Directors.

Ismail joined Dhiraagu's founding team in 1988, having begun his telecommunications career with the company's predecessor under Cable & Wireless. According to the company, he played a central role in developing telecommunications and digital connectivity in the Maldives.

His work included the network rollout that connected every inhabited island, the introduction of GSM mobile services nationwide, and the delivery of the Dhiraagu-SLT Submarine Cable System in 2006. He also helped lead Dhiraagu's 2011 initial public offering.

Ismail has served as Managing Director and Chief Executive Officer since 2015. During his tenure, the company completed 100 percent Fibre-to-the-Home coverage across all inhabited islands and expanded next-generation mobile and fixed broadband services.

Ferradaz brings more than 30 years of international telecommunications experience across Africa, Europe, Asia and the Caribbean. The company said he has held senior positions with Vodafone, Digicel, Cell C, Telkom Mobile and MVNX, and was involved in launching South Africa's first mobile network.

Board Chairperson Ismail Waheed thanked the outgoing chief executive for his service. "His visionary leadership has enriched lives, created opportunities and supported the prosperity of communities across the Maldives," Waheed said. He said the Board was confident Ferradaz would honour the company's legacy while shaping its next phase of growth.

Ferradaz said he was joining Dhiraagu to build on its existing foundation. "Dhiraagu has built that trust," he said, referring to the company's relationships with staff and customers.

Ismail said his time at the company had been the greatest privilege of his professional life. "The Company is in excellent hands," he said.

Dhiraagu said Ferradaz will work with Ismail, the Board and the Executive Management Team during the transition period. The Board said the process is designed to ensure business continuity, with no change to the company's priorities, commitments, or long-term direction.