We noticed you're blocking ads.

Keep supporting great journalism by turning off your ad blocker.

Questions about why you are seeing this? Contact us

Font Size

- Aa +

Mon 5 Dec 2016 09:42 AM

Font Size

- Aa +

Egyptian billionaire Sawiris in surprise exit as Orascom CEO

Naguib Sawiris resigns, deputy Tamer El Mahdi appointed as successor, company says in statement

Egyptian billionaire Sawiris in surprise exit as Orascom CEO

Egyptian billionaire Naguib Sawiris has resigned as CEO of Orascom and his deputy Tamer El Mahdi has been nominated as his successor, the company said on Sunday, without explaining his decision.

"Naguib Sawiris has submitted his resignation from his position as CEO effective January 1st, 2017," Orascom Telecom Media and Technology Holding (OTMT) said in a statement.

Orascom has holdings in media, technology and cable businesses, but under Sawiris has sought to move further into the financial sector by creating a major investment firm.

Sawiris, whose interests range from construction to telecommunication, is a billionaire and a well-known business figure in North Africa and the Middle East. He has said he has been frustrated by the Egyptian authorities in his attempts to own a large financial institution.

"Mr. Sawiris will continue to assume all responsibilities of his current position until the appointment of the new CEO is completed and registered with regulatory authorities," Orascom added.

Tamer El Mahdi, who has 22 years experience at Orascom, is the firm's deputy CEO and served as the Chief Technology Officer (CTO) for OTMT and then became the CEO of Djezzy, the largest mobile operator in Orascom Telecom group, the statement said.

Orascom also said the member of the board of directors responsible for financial and administrative affairs, Yousef Shoukry, had submitted his resignation and Khaled Ellaicy had been appointed as his successor.

Ellaicy has 30 years of experience in accounting and finance, it said in the statement.

Arabian Business: why we're going behind a paywall

For all the latest tech news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
Real news, real analysis and real insight have real value – especially at a time like this. Unlimited access ArabianBusiness.com can be unlocked for as little as $4.75 per month. Click here for more details.