The Board of Directors of Beltone Financial Holding nominates Maged Shawky as the executive chairperson of the company and Ibrahim Karam as CEO, after accepting the resignation of chairperson Sameh El-Torgoman, and CEO Bassem Azzab, and the non-executive board members Sherine Helmy and Ahmed Lotfy Soliman, on Saturday.
El-Torgoman and Azzab joined Beltone after an alliance between Orascom Telecom Media and Technology Holding (OTMT) and Act Financial, acquired 92% stake in Beltone in 2015.
Shawky worked as the executive vice chairperson of Beltone Financial after serving as managing director of the group for three years. Prior to that, he served as president of the Egyptian Exchange from July 2005 until July 2010.
He was also a member of the board of directors of the World Federation of Stock Exchanges (WFE), Egypt Post, Egyptian Institute of Directors, Misr for Central Clearing, Depository and Registry (MCDR), and the Egyptian Insurance Supervisory Authority. He also served as chairperson of the African Stock Exchanges Federation for two consecutive terms.
For Ibrahim Karam, he served as the CEO of Tahya Misr (Long Live Egypt) Fund from February 2018 until June 2019. He has extensive international experience of more than 23 years in the field of investment banking and worked for more than 14 years in the European Union countries, Eastern Europe, and North Africa.