Telecom Egypt announces new CEO
Telecom Egypt has appointed company insider Tarek Aboualam as its new chief executive, replacing acting CEO and managing director Mohammed Abdel Rehim Hassanein.
Aboualam who joined Telecom Egypt in May 2009, will take up his new post on 19 January. Most recently he served as SVP international and wholesale.
"The persistent pace of change within the Egyptian telecommunications market, combined with the challenges thrown up by the global economic crisis, demands the highest standards of leadership," said Telecom Egypt chairman Beshir, in a statement.
"Through his hard work and commitment to Telecom Egypt, Tarek [Aboualam] has proven his ability to lead a business and find new avenues for growth."
Aboualam's appointment came just days after he was appointed to the company's board of directors as a replacement for former CEO Tarek Tantawy.
Tantawy served as Telecom Egypt's CEO until May last year when he stepped down to pursue alternative career opportunities. Hassanein stepped into the breach on a temporary basis; he will now retire after 36 years with the company.
"On behalf of the board of directors, I would like to thank Mohammed [Hassanein] for his loyal service and wish him all the best for his retirement," Beshir said.The new CEO takes over at a difficult time for Telecom Egypt.
In mid-2011 the company attributed a EGP85.5 million (€11.1 million) second-quarter loss to political unrest, the theft of fibre and copper cables, and a continued slowdown in tourism. In November it reported a 21% drop in Q3 profit, falling short of analysts' predictions.
Nonetheless, Beshir said at the time he is "confident that the full-year picture will be brighter." Telecom Egypt is due to publish its full-year results in March.
State-owned Telecom Egypt is the country's primary provider of fixed-line services and had 8.6 million subscribers as of 30 September 2011. It also owns 44.95% of mobile operator, Vodafone Egypt
Source: Total Telecom
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