News

Naguib Sawiris Steps Down as CEO of Orascom in Surprise Resignation

Naguib Sawiris Steps Down as CEO of Orascom in Surprise Resignation

1200x-1-1024x697-1

Naguib Sawiris, one of Egypt’s richest men with a fortune of up to $US 3.1 billion, tendered his resignation on Monday in what many analysts have described as a “surprise”.

According to a statement released by Orascom Telecom Media and Technology Holding (OTMT), Sawiris will leave his role as CEO effective 1 January 2017.

“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,” said the statement.

“Mr. Sawiris has nominated Mr. Tamer El Mahdi, COO & Deputy CEO, as the successor to this position after the completion of Mr. El Mahdi’s appointment as board member,” continued the statement, adding that “Mr. El Mahdi served as the Chief Technology Officer (CTO) for the Orascom Telecom group then became the CEO of Djezzy, the largest mobile operator in Orascom Telecom group.”

However, no reason was given for the surprise resignation by OTMT. Sawiris has also not commented on the matter and has not posted on Twitter since his resignation.

OTMT is a holding company that has investments in companies with operations mainly in Egypt, North Korea, Lebanon, Pakistan and other North African and Middle-Eastern countries. The activities of OTMT are mainly divided into its GSM, Media and Technology, and Cable businesses, having recently expanded its lines of operations into the new fields of Energy, Transport and Logistics, and Telecom infrastructure.

Egypt's Foreign Reserves Rise to $US 23 Billion
Senior Heinz Egypt Employee Arrested After 62 Tonnes of Rotten Tomatoes Found

Subscribe to our newsletter


News

More in News

Egyptian MP Drafts New Law to Regulate Outdoor Advertising

Nour EltiganiNovember 19, 2018

Naguib Mahfouz’s Newly Discovered Stories to be Published This December

Mirna AbdulaalNovember 19, 2018

Egypt’s Unemployment Rate Down to 10 Percent in Q3 of 2018

Egyptian StreetsNovember 16, 2018

Egypt ‘Appreciates’ and ‘Trusts’ Final Saudi Investigation into Khashoggi Killing

Egyptian StreetsNovember 16, 2018

Archaeological Mission Unearths Ancient Pregnant Woman Burial

Egyptian StreetsNovember 14, 2018

Egyptian MP to Submit Bill Omitting Religion from National IDs to Parliament

Egyptian StreetsNovember 12, 2018

British Parliament Encourages Lifting the Travel Ban Imposed on Sharm El Sheikh

Nour EltiganiNovember 11, 2018

Egyptian Film ‘Yomeddine’ Wins at Geneva Film Festival

Mirna AbdulaalNovember 10, 2018
Egyptian Streets is an independent, young, and grass roots news media organization aimed at providing readers with an alternate depiction of events that occur on Egyptian and Middle Eastern streets, and to establish an engaging social platform for readers to discover and discuss the various issues that impact the region.

© 2017 Egyptian Streets. All Rights Reserved.