Telecom Egypt sees 4th board reshuffle in 3 years

Cairo - Decypha: Government-owned Telecom Egypt (TE) has had four different boards in the last three years alone.

The latest board of directors (BOD) was appointed on Tuesday, with the new CEO Ahmed El-Beheiry chosen as the successor of Tamer Gadallah, while Maged Osman remained the company’s chairman.

In May 2015, former CEO Mohamed El-Nawawy was sacked from his position, which he had held since September 2012. The former CEO was then replaced by Osama Yassin, while previous minister of telecommunication Mohamed Salem succeeded Omar El-Sheikh as chairman.

After less than a year, by the end of March 2016, a board reshuffle was decided, bringing back Maged Osman as chairman, and replacing Yassin with Tamer Gadallah as the CEO.

Only a year after, Gadallah resigned from his position and El-Beheiry was chosen as his successor, while Osman maintained his position as the chairman.

The most recent modifications to the board of the telecommunications company were approved by its ordinary general meeting (OGM), which voted unanimously in favour of the new changes, including the resignation of board member Adel Eskandar.

The company’s annual profits declined by 10.7% last year to EGP 2.67 billion, down from EGP 2.99 billion in 2015.

The company, which is the biggest fixed-line phone operator in Africa and the Middle East, is mostly owned by the state, where the government controls more than 80% of its shares. Telecom Egypt operates with a capital of EGP 17 billion ($931.6 billion), distributed over 1.7 billion shares at a par value of EGP 10.

Decypha Contribution Time: 29-Mar-2017 13:48 (GMT)
Decypha Last Update Time: 29-Mar-2017 13:48 (GMT)