Cairo - Mubasher: A source in Telecom Egypt (TE) said that the company’s ordinary general meeting (OGM) has approved the appointment of Ahmed El Beheiry as the new CEO and successor of Tamer Gadallah.
TE said in a statement to the Egyptian Exchange (EGX) on Tuesday that the OGM has voted unanimously on applying changes to the company’s board of directors (BOD), including the resignation of Adel Eskandar.
Earlier, a reliable source told Mubasher that the OGM has approved modifications to the BOD which will not include Tamer Gadallah or Lobna Helal.
The OGM has also approved the BOD report for 2016, as well as the financial statements and the auditor’s report.
It also approved last year’s donations that totalled EGP 19.9 million, and authorised the board to make donations within the limits of EGP 70 million this year.
The company’s annual profits declined by 10.7% last year to EGP 2.67 billion, down from EGP 2.99 billion in 2015.
On Monday, TE negated news regarding the resignation of former CEO Tamer Gadallah.
The Egyptian Exchange (EGX) resumed trading on Telecom Egypt’ stock, after suspending it until the company sends the resolutions of its OGM.
