Bourse's former head surprised at replacement

Bassem Abo Alabass, Wednesday 21 Sep 2011

Ex-chairman Mohamed Abdel Salam tells Ahram Online that he has not been officially informed of the cabinet's decision to replace him

Mohamed Abdel Salam
Former head of Egypt's stock exchange, Mohamed Abdel Salam (Photo: Reuters)

The former chairman of the Egyptian Stock Exchange, Mohamed Abdel Salam, says he has still not been officially informed about losing his position.

Egyptian Prime Minister Essam Sharaf appointed Mohamed Abdel Gawad Omran as the new chairman of the exchange on Wednesday.
 
"I've only heard about the cabinet’s decision from press reports," Abdel Salam told Ahram Online on Wednesday afternoon.
 
"I'd almost finished my six-month mission successfully, but I was genuinely surprised [about the decision]."
 
Abdel Salam said he plans to return to the position of chairman of Misr For Central Clearing, Depository and Registry which he held before his appointment to head the Bourse in March, just before trade resumed after seven weeks of closure.
 
The exchange's new head, Mohamed Omran, was previously the vice chairman of the Holding Company for Insurance and served as deputy chairman of the Bourse for four years, from 2006 to 2010.
 
Khaled Nashar was also named the exchange's new vice chairman.
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