Khaled Bichara remains Orascom CEO
Orascom Development Holding and its CEO Khaled Bichara have signed a new, open-ended contract.
According to Orascom Development Holding (ODH), the new employment contract will replace the previous contract with Khaled Bichara with retroactive effect from January 1, 2019.
The new open-ended contractual relationship provides for a share-based compensation component in addition to a fixed gross annual salary and any cash bonus, the company added. Bichara will receive restricted share awards, with a total of 2.5% of ODH's outstanding shares to be awarded in a staggered manner over five years.
At the same time, Bichara will be awarded 2.5% of the outstanding ODH shares in a private transaction from the holdings of major shareholder Samih Sawiris. These shares are subject to a five-year transfer and sale restriction.
Sawiris, Chairman of the Board of Directors of ODH, said he was delighted to retain Bichara for the long term in the interests of shareholders. He said he is convinced that the upward trend evident since 2017 will continue under his leadership. "As an important shareholder, he will do his utmost," Sawiris said.
The Annual General Meeting still has to approve the planned compensation of the CEO as part of the total compensation of the Executive Management. (ah)
