Egypt’s Orascom Investment Holding (OIH) announced on Monday that its chief executive Tamer EL Mahdi resigned for personal reasons and now business tycoon Naguib Sawiris will be his successor.
The Board of Directors expressed its understanding of the reasons for resignation and approved the resignation of Tamer EL Mahdi from the Board of Directors and as CEO of the company to be effective as of December 31, 2019, the company said in a statement.
In light of the aforementioned changes, the Board of Directors approved Sawiris’ appointment as the chief executive. The new role mandated to Sawiris, who is already OIH executive chairman, indicates his commitment to the company and his keenness to drive its growth forward and explore its full potential.
Sawiris commented on this development saying: “We are sorry that Tamer was not able to continue with OIH, and we wish him the best of luck in his future. I look forward to personally leading a new take-off for OIH with an ambitious growth strategy.”
Tamer commented:” I would like to thank the Board of Directors of OIH, and particularly Mr. Naguib Sawiris for putting their trust in me to build this solid foundation on which the company will pursue new heights.”
