Ali Shaker, head of insurance department at Faculty of Commerce-Cairo University, was elected as the managing director of Cooperative Insurance Society-Egypt on Monday.
Abdel Monem Bakheet, chairman of CIS, said that the board of directors has reached a consensus on selecting Shaker to be the managing director after competing with Nazhy Ghalioum, the second winner of the recent elections of senior membership.
There is no need to have the approval of the Egyptian Financial Supervisory Authority as Shaker was chosen by elections not by appointment, Bakheet noted.
Board of directors earlier chose Yehia Abdel Ghaffar as the managing director and Ibrahim Abdel Shaheed as a senior member last December, but Egyptian Financial Supervisory Authority did not approve the appointment and asked CIS to conduct elections in accordance with the regulations.
It is worth mentioning that the board of directors was elected last October in which Abdel Monem Bakheet was elected as a chairman and Nabil Helmy, Ahmed Fouad, Hassan Kamal, Shaimaa Mohamed, Mohamed El Shafei, Taher Salah El-Din, Alaa Gamal as members. In addition, Ali Shaker and Nazhy Ghalioum were elected as senior members last March.