Ordinary General Assembly of Telecom Egypt approved appointing Eng. Mohamed El Nawawy as the CEO of Telecom Egypt instead of Eng.Tarek Aboualam, who has recently resigned. Nawawy has been working as Senior Vice President and Chief Strategy Officer at Telecom Egypt during the previous two years. On the other hand, the Assembly has agreed on an annual cost of EGP 243 million for restructuring the employees' salaries. Moreover, the Assembly accepted the resignation of Nevin Tahiri, Mohamed Sami, Saad Zaghloul, and Tarek Aboualam from the membership of the Company's board of directors , in addition to Aboualam's resignation from the positions of CEO and Managing Director as of the 11th of this August. The Assembly also approved forming a new board for a three-year round. According to Article 21 of the company's articles of association, the board will consist of 11 members, including 3 independent members who will be nominated by the shareholders who own 1% or more of the company's shares. The independent members should also meet the requirements prescribed by the same article.
