Orascom: Samih Sawiris withdraws from the BoD
Samih Sawiris will retire from his position as Chairman of the Board of Orascom Development Holding. However, he will remain Chairman of the Board and majority shareholder of Andermatt Swiss Alps.
As Orascom Development Holding (ODH) writes in an ad hoc release, Chairman of the Board of Directors Samih Sawiris intends to step down from his position at the next Annual General Meeting in spring 2022 and will not stand for re-election. His son Naguib Samih Sawiris is to succeed him as Chairman of the Board of Directors. He has been a member of the Board of Directors since 2016 and its Vice Chairman since 2020. Samih Sawiris intends to remain available to ODH as an advisor.
As part of the succession plan, it is also envisaged that Samih Sawiris will transfer control to his son and Naguib Samih Sawiris will become the new majority shareholder of ODH. Samih Sawiris has been at the helm of the company for more than 30 years. He says now is the time to focus on ODH's next chapter: "Naguib's experience in building and investing in successful technology companies in the U.S. and his active role at ODH during the Covid crisis make me confident that he is both capable and committed to successfully lead ODH into the future, together with CEO Omar El Hamamsy and the support of the Board of Directors."
Samih Sawiris remains Chairman of the Board of Directors and majority shareholder of Andermatt Swiss Alps AG. (ah)
