File Photo: People leave the Telecom Egypt building at the Smart Village in the outskirts of Cairo, Egypt, October 27, 2015. (Photo: Reuters)
Telecom Egypt's board has chosen Ahmed El Beheiry as the state-owned landline monopoly's new chief executive officer, the company said in a statement on Tuesday.
Two company sources had earlier told Reuters that Chief Executive Officer Tamer Gadallah would step down and that a new CEO would be appointed at the next board meeting.
Maged Osman would remain as chairman, they said.
The sources also said the company's shareholders approved a dividend of 1 Egyptian pound ($0.0549) per share for 2016.
Telecom Egypt reported this month an 11 percent decline in 2016 net profit. It made a net profit of 2.672 billion Egyptian pounds in 2016 compared to 2.999 billion a year earlier.
The firm reported a loss of 513 million pounds in the fourth quarter, down from a profit of 862 million pounds in the same period a year earlier.
In August the company said it acquired the country's first 4G mobile license at a cost of 7.08 billion pounds, paving the way for it to become the fourth mobile provider in Egypt.