Telecom Egypt Names Elgharabawy As Chief Comml Officer In Efficiency Push

Monday, May 21, 2012

DUBAI (Zawya Dow Jones)--Majority state-owned Telecom Egypt, the only provider of fixed-line services in the country, said Monday it has appointed Sayed Elgharabawy as chief commercial officer, the latest personnel change in the telco's pursuit of greater efficiency and cost savings.

Elgharabawy's new role will take effect immediately, the company said in a statement. He joined Telecom Egypt in October 2008 as vice president for project planning, according to a statement.

Last week, Telecom Egypt said it had halved the size of its executive management team to just six members in a push for more efficiency.

"The company is seeking to increase its efficiency by giving more responsibilities to less number of people," said Ahmed Labib, director of investment and investor relations at Telecom Egypt told Zawya Dow Jones on Monday.

Cost cutting and a surge in broadband subscribers helped Telecom Egypt post a 1.7% rise in first-quarter net profit earlier this month.

Telecom Egypt shares closed up 1.4% on Sunday at EGP12.7.

-By Shereen El Gazzar, Dow Jones Newswires; +971 444 61684; Shereen.elgazzar@dowjones.com

(END) Dow Jones Newswires

21-05-12 0727GMT