Egypt Independent

EgyptAir Holding Company chief removed

Civil Aviation Minister Hossam Kamal decided Wednesday to remove EgyptAir Holding Company chief Sameh al-Hefny, reportedly after an Administrative Control Authority report slammed continuing deterioration in the company’s competitiveness.
State-run news website Al-Ahram said Hefny’s removal came as the report slammed the parking of junked airplanes on sections of the landing strip of Cairo International Airport, as well as the neglect of a strip of land owned by the company which caused it to turn into disrepair.
Sources at the Aviation Ministry told Al-Masry Al-Youm that Prime Minister Ibrahim Mehleb had approved to replace Hefny with Helmy Rizk, CEO of EgyptAir Express, the corporations domestic flights airliner.
Hefny defended his term as EgyptAir Holding chief since March 2014, adding he had managed to mitigate the company’s losses.
“I had the privilege of presiding over EgyptAir Holding Company since March 2014. The company’s financial status had seen estimated losses at LE2.8 billion by June 2014,” Hefny said in a statement published by Sada el-Balad satellite channel’s website.
“During fiscal year 2014\2015, I succeeded in reducing those losses to LE570 million, targeting revenues up to LE400 million by the end of 2015\2016 for the first time in years.”