Telecom Egypt Chairman Resigns

Telecom Egypt – TE (ETEL.CA) has sent Tuesday a release to the Egyptian Exchange (EGX) announcing that the TE Chairman Akil Beshir resigned from his post and retired as of 01/10/2012. Beshir has served in TE for 12 years.

TE noted that the firm will be announcing a new Chairman of the board before the end of September.

“Throughout my term as the TE chairman, the company has witnessed significant changes in the local telecommunication market.” Akil said.

Beshir had been appointed Chairman and CEO of the Telecom Egypt in June 2000. He passed on his executive duties as CEO in August 2009, becoming non-Executive Chairman.

Beshir has made a significant contribution to the fabric of the telecommunications industry in Egypt. Throughout his career he has been a tireless supporter of the role telecommunications can play in economic and social advancement.

In 2005, Beshir has also managed to list TE’s stocks in the EGX (ETEL.EY) and London Stock Exchange (LSE) (TEEG.LI).

Elsewhere, Egypt’s Minister for Telecommunications and Information Technology Hany Mahmoud said Beshir resigned leaving TE a very strong entity due to his tireless contribution.