Egyptian billionaire Naguib Sawiris has resigned as chief executive officer of Orascom and his deputy has been nominated to succeed him, the company said on Sunday.
“Naguib Sawiris has submitted his resignation from his position as CEO effective January 1, 2017,” Orascom Telecom Media and Technology Holding (OTMT) said in a statement, without elaborating further on the decision.
Orascom, which has operations in North Korea, Lebanon, Pakistan and other countries in the Middle East and North Africa, has activities in media and technology, and has recently expanded its lines of operations into energy, transport and logistics, and telecom infrastructure.
In addition the member of the OTMT board of directors responsible for financial and administrative affairs, Yousef Shoukry, has submitted his resignation and Khaled Ellaicy had been named as his successor, the statement read.
Ellaicy has more than 30 years of experience in accounting and finance.
Orascom announced on Sunday that it will terminate its affiliate bank in North Korea, Orabank, as a result of “increasingly complex” US sanctions on the country.
Tamer El Mahdi, The new CEO of Orascom:
Deputy CEO Tamer El-Mahdi, who will now take over, has 22 years’ experience at Orascom 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, Orascom said.
“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,” the firm added.
Orascom also said the member of the board of directors responsible for financial and administrative affairs, Yousef Shoukry, had submitted his resignation and Khaled Ellaicy had been appointed as his successor. Ellaicy has 30 years of experience in accounting and finance, it said in the statement.