Telecom Egypt To Select New CEO On Aug. 11

Telecom Egypt Co. (TE) (ETEL:CA)’s board of Directors have decided to convene its annual general meeting (AGM) on Thursday 09/08/2012.

The AGM will be discussing the formation of a new board of directors and the selection of Telecom Egypt’s forthcoming chief executive officer.

Worth mentioning, Telecom Egypt announced earlier this month that the company’s CEO and Managing Director Tarek Aboualam will step down as of Aug. 11 due to personal reasons.

Mohamed Samy Saad Zaghloul also resigned from Telecom Egypt’s board of directors for personal reasons, effective June 26th, 2012.

Commenting on the news, Akil Beshir, Chairman of the Board of Directors of Telecom Egypt, said:

“Tarek has made a significant contribution to Telecom Egypt, during his tenure as Vice President for International & Wholesale and as the company’s CEO and Managing Director.”

“Tarek leaves a strong legacy with a strengthened and focused leadership team and a business well positioned for the future. On behalf of the Board of Directors I would like to thank him for his contribution and wish him the very best in his future endeavors”.

Mr. Akil Beshir, also added:

“We would like to extend our sincerest thanks to Mr. Zaghloul for his support and efforts, and we wish him every success in the future.”