Etihad Etisalat Co. announces the resignation of Mr. Ahmad Farroukh as company CEO. The resignation was approved by the Board of Directors on 9/1/2017 to be effective on 9/1/2017. The Company Board appointed Eng. Ahmed Abdelsalam Abdelrahman as company CEO on 9/1/2017, to be effective on 10/1/2017.
The Change in the company management came as a result to its transition from the re-stabilization phase to the growth and expansion phase. Mr. Ahmad Farroukh with his expertise in the areas of telecommunications and accounting succeeded in re-stabilizing the company. Eng. Ahmed Abdelsalam with his experience in the telecommunications sector, sales and marketing will lead the company in its growth and expansion phase.
The Chairman and members of the Board of Directors thanked Mr. Ahmad Farroukh for his dedication and efforts during the re-stabilization phase of the company, and wished him further success in the future. The Board of Directors finds that the joining of Eng. Ahmed Abdelsalam comes in line with the company's strategy due to his success stories in driving growth and expansion during his past experiences.
Eng. Ahmed, has a progressive experience exceeding 24 years in the sectors of telecommunications and ICT, including several years as CEO for multiple telecommunications companies which he led to successful growth and expansion.
In May, 2011 Eng. Ahmed held the position of Managing Director and Chief Executive Officer in Global Telecom Holding which is listed in Cairo and London stock exchanges as well as Executive Vice president of Vimplecom group for Asia and Africa, (listed in Nasdaq exchange). Prior to that, he was seconded by Orascom Group as CEO of Banglalink Telecom between 2009 and May 2011. Eng. Abdelsalam led Global Telecom Holding to great successes and expansions in its seven operating markets across three continents. Furthermore, Eng. Ahmad was a board member in the National Telecom Regulatory Authority since 2015 and until his appointment as a CEO of Mobily.
At an earlier stage, Eng. Ahmed was part of the team that launched MobiNil services in Egypt between 1998 and 2008, and held several positions in the senior management of the company in the commercial section before moving to Orascom Group.
Eng. Ahmed Abdelsalam worked for IBM between 1993 to 1996 then he led the team of (Datum IDS) to launch a third operator to offer Internet services in Egypt between 1996 and 1998.
Eng. Ahmed holds to a Bachelor degree in Communications Engineering from Cairo University, and he received the Communications Planning Award from the International Telecommunication Union (ITU), Switzerland. He also holds the International Executive Program Certificate in Business Management from INSEAD Business school in France and Singapore.
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.