The Board of Directors of Belgacom has taken note of the Government's decision to end the collaboration with Mr. Didier Bellens, Chief Executive Officer of Belgacom.

To ensure management continuity, and in the interests of the company and all its stakeholders, the Board of Directors has decided to delegate the powers of the CEO with immediate effect to Mr. Ray Stewart, Executive Vice President Finance & Chief Financial Officer, and Mr. Stefaan De Clerck, Chairman of the Belgacom Board of Directors. Mr Ray Stewart will also chair the Management Committee. Together with Belgacom's entire management team, they will see to it that the daily functioning of the company continues in a serene and efficient way.

At the same time, the Board of Directors has decided to immediately start the procedure for recruiting a new CEO for the Belgacom Group. An external headhunting agency, selected on the basis of tender, will be asked to draw up a shortlist of qualified candidates. From this shortlist, the Board of Directors will present the most suitable candidates to the Government, which, as prescribed by law, will make the final appointment decision. In consultation with the Government, the Board of Directors will ensure that this procedure proceeds quickly and effectively.

"Belgacom has all the assets to successfully meet the challenges in the telecom sector" says Stefaan De Clerck. "We have a clear vision for the future, the right strategy and talented people that make the difference. Since 1997, Ray Stewart has helped build this solid foundation, and is therefore ideally placed to ensure a smooth transition period. For this he has the explicit support of the entire Board of Directors and the whole management team".
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