Telecom Egypt CFO Resigns

Telecom Egypt, the landline monopoly and major shareholder in Vodafone Egypt, has announced that its Chief Financial Officer, Tarek Tantawy is to resign to pursue another career opportunity. No replacement has been named yet.

Since joining Telecom Egypt, Tarek was a key player in several landmark transactions that were done by the company including listing the company on the Egyptian and London Stock Exchanges in one of the largest international equity offerings out of the Middle East , acquisition of a 45% shareholding stake in Vodafone Egypt and issuing Egypt's largest ever corporate bond.

Commenting on Tarek's departure, Mr. Akil Beshir Chairman & CEO of Telecom Egypt said "During his seven years with Telecom Egypt, Tarek has made a significant impact on the company. His hard work and dedication has been instrumental in establishing a corporate culture of transparency and openness, which has garnered us respect from investors both at home and abroad. I would like to express my appreciation to Tarek's achievements with the company and we wish him well in the future and look forward to announcing a replacement in due course."

Posted to the site on 18th June 2009