Egyptian billionaire Naguib Sawiris has resigned as CEO of Orascom and his deputy Tamer El-Mahdi has been nominated as his successor, Reuters reports.
“Naguib Sawiris has submitted his resignation from his position as CEO effective Jan. 1, 2017,” Orascom Telecom Media and Technology Holding (OTMT) the company said in a statement. “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.
Naguib Sawiris is the eldest son of Onsi Sawiris and brother of Samih and Nassef. All four men regularly appear on Forbes lists for the riches men in Egypt and Africa, thanks to the business empire founded built by Onsi Sawiris in 1976, initially as a trading company.
The Orascom Group became one of the largest companies to be listed on the Egyptian stock market in 1998, and now comprises investments which range from construction to telecommunication interests.
