REG - Telecom Egypt S.A.E - TE announces board and exec. management changes

Telecom Egypt Co SAEAnnouncement

28/03/2023 15:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230328:nRSb5106Ua&default-theme=true

RNS Number : 5106U  Telecom Egypt S.A.E  28 March 2023

Telecom Egypt announces changes to board structure and executive management

March 28, 2023: Telecom Egypt today announces that Eng. Mohamed Nasr Eldin
Mohamed Ali has been appointed as Managing Director and CEO of the company to
succeed Eng. Adel Hamed Ibrahim Gadallah. The board of directors (the "Board")
has accepted Eng. Adel Hamed's request to be relieved from the position of
Managing Director and CEO to assume a new role at the Ministry of
Communications and Information Technology. However, Eng. Hamed will remain on
Telecom Egypt's board of directors as a non-executive member. The Board
meeting held today has approved these changes and are effective immediately.

Dr. Magued Osman, Chairman of the Board, commented:

"The Board appointed Eng. Mohamed Nasr ElDin as the new Managing Director and
CEO given his track record and profound ICT experience, including his previous
role as Head of Telecom Egypt's International Cables and Networks Business
Unit in 2014.  We are confident he is the ideal candidate to take over the
helm and maintain Telecom Egypt's leadership in various areas at the local and
international levels, while continuing to drive quality and sustain customer
base growth, maximizing our assets and creating value for all our stakeholders
and the society at large. We wish him success in his new role.  I would also
like to thank former Managing Director and CEO Eng. Adel Hamed for his
distinguished efforts and successful leadership of the company despite the
many challenges we faced in the previous period. I wish him all the best in
his new position and future endeavors."

 

Eng. Mohamed Nasr Eldin, Managing Director and Chief Executive Officer,
commented:

"I'd like to thank Telecom Egypt's Board of Directors for entrusting me with
the role of Managing Director and CEO at this critical juncture. I am eager to
work with the Board and executive management team to achieve greater success
for the company and further develop our customer-focused culture, all while
looking out for the best interests of all other stakeholders, including
shareholders, investors, and partners. I will devote all my efforts to execute
the company's vision and strategy of becoming the leading ICT provider while
maintaining and growing its position as the leading integrated telecom
operator. My priorities include developing and diversifying the mix of
services to suit our rapidly-evolving customer needs, providing distinguished
customer experience at all levels and expanding our customer base. I also look
forward to leveraging the company's distinguished pool of talent to maximize
all available opportunities for success and growth. Finally, I would like to
thank Eng. Adel Hamed for his exceptional leadership during the preceding
challenging period."

 

Eng. Mohamed Nasr Eldin was appointed as a member of Telecom Egypt's Board of
Directors in July 2020, representing the government.

 

He joined Telecom Egypt in 2004, eventually becoming Head of the International
Cables and Networks Business Unit in 2014. During that period, Eng. Nasr Eldin
undertook several initiatives that contributed to maximizing Telecom Egypt's
revenues and capitalized on Egypt's strategic position as a route for
international submarine cables.

 

From May 2020 until March 2023, he was Deputy ICT Minister for Global
Information Infrastructure at the Ministry of Communications and Information
Technology. With over 20 years of experience in the telecommunications sector,
Eng. Nasr Eldin specializes in the planning, development, and operations of
submarine cables and international networks. He also has extensive experience
in managing international programs and projects, having held several positions
since 2016 at PCCW Global--the global operating division of Hong Kong
Telecom--including Head of Subsea Cable Infrastructure; Vice President of
Cable Innovation, Planning, and Management; as well as Assistant Vice
President of Cable Development for the Europe, Middle East, and Africa region.
His key role at PCCW included planning for new submarine cables and carrying
out the corresponding feasibility and investment studies.

Eng. Nasr Eldin earned a bachelor's degree in Telecommunications Engineering
from Al-Azhar University in Egypt in 2001 and also holds an MBA.

 

- End -

 

About Telecom Egypt

 

Telecom Egypt is the first integrated telecom operator in Egypt providing all
telecom services to its customers including fixed and mobile voice and data
services. Telecom Egypt has a long history serving Egyptian customers for over
160 years maintaining a leadership position in the Egyptian telecom market by
offering its enterprise and consumer customers the most advanced technology,
reliable infrastructure solutions and the widest network of submarine
cables.  Aside from its mobile operation "WE", the company owns a 45% stake
in Vodafone Egypt. Telecom Egypt's shares and GDRs (Ticker: ETEL.CA; TEEG.LN)
are traded on The Egyptian Exchange and the London Stock Exchange. Please
refer to Telecom Egypt's full financial disclosure on ir.te.eg
(http://ir.te.eg/en/)

 

For more information, contact:

The investor relations team

Email: investor.relations@te.eg (mailto:investor.relations@te.eg)

 

- End -

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  BOABXGDXXUDDGXI