Dhiraagu has begun a planned leadership transition, with Valdemar Ferradaz joining the company as Chief Executive Officer Designate as Managing Director and Chief Executive Officer Ismail Rasheed prepares to retire after nearly four decades of service.
Ferradaz, known as Valde, joined Dhiraagu on 1 July 2026 as part of a structured succession plan. The company said the process was led by Beyon, the Bahrain-based technology group behind Batelco, Dhiraagu’s majority shareholder, 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 Dhiraagu’s Board of Directors.
The transition marks a significant management change for one of the Maldives’ largest listed companies and a key provider of national digital infrastructure. Dhiraagu said the handover has been designed to maintain business continuity, stakeholder confidence and the continued execution of the company’s strategy, with no change to its priorities, commitments or long-term direction.
Ismail began his telecommunications career with Dhiraagu’s predecessor under Cable & Wireless before becoming part of Dhiraagu’s founding team in 1988. His career has covered a period in which telecommunications in the Maldives expanded from limited connectivity to nationwide mobile, broadband and digital services.
Dhiraagu cited his role in the rollout of networks across inhabited islands, the introduction of GSM mobile services nationwide, the delivery of the Dhiraagu-SLT Submarine Cable System in 2006, and the development of the north-south domestic submarine cable network. He also played a leadership role in Dhiraagu’s 2011 initial public offering.
Since becoming Managing Director and Chief Executive Officer in 2015, Ismail has overseen investments in national digital infrastructure, the expansion of next-generation mobile and fixed broadband services, and the completion of Fibre-to-the-Home coverage across all inhabited islands of the Maldives.
Ferradaz brings more than 30 years of international experience in telecommunications and digital services across Africa, Europe, Asia and the Caribbean. A South African national, he helped launch South Africa’s first mobile network and has held senior leadership roles with Vodafone, Digicel, Cell C, Telkom Mobile and MVNX.
His experience spans mobile and fixed telecommunications, digital services, enterprise and consumer markets, business transformation and organisational turnaround. Dhiraagu said he has worked with governments, regulators, investors and strategic partners across developed and emerging markets.
During the transition period, Ferradaz will work closely with Ismail, the Board and the Executive Management Team. He is also expected to meet employees, customers, shareholders, regulators, government stakeholders and strategic partners as part of the handover process.
Reflecting on his tenure, Ismail said, “The opportunity to serve the Company and the nation for nearly four decades has been the greatest privilege of my professional life. Together, we have built the Maldives’ digital infrastructure, connecting our islands, enabling businesses, empowering communities and creating opportunities for future generations.”
He added that while many may remember the networks, connectivity and technologies introduced during his time at the company, he would most remember the people who contributed to Dhiraagu’s development.
“Dhiraagu continues to lead the market and is in a strong position, with our services available on every inhabited island in the country. We are creating immense value for our customers and are financially stronger than ever, delivering sustained value for our shareholders. I leave Dhiraagu with great pride in what we have achieved together and with full confidence in the team to take the Company to even greater heights,” he said.
The company said the transition programme is intended to support continuity of leadership, transfer institutional knowledge and relationships, and ensure a smooth assumption of executive responsibilities.
