Samih Sawiris was quoted saying that the decision is so that Naguib will assume his responsibilities and devote himself to the work that he loves, leaving Orascom Development Holding after more than 30 years in his son’s hands
Egyptian construction tycoon Samih Sawiris will be stepping down from his long-held position as chairperson of Orascom Development Holding and handing over the reins to his son Naguib Sawiris, not to be confused with his brother Egyptian billionaire Naguib Sawiris.
According to a statement, Sawiris will not nominate himself again to chair the board of directors at the annual meeting in May of next year, but will remain available as an advisor to the company as part of the proposed succession plan.
Samih Sawiris was quoted saying that the decision is so that Naguib will assume his responsibilities and devote himself to the work that he loves, leaving Orascom Development Holding after more than 30 years in his son’s hands.
"The decision was made based on my vision that Naguib Samih Sawiris along with CEO Omar el-Hamamsy form a unique team... the most efficient team... to successfully lead the company towards the future," Samih Sawiris said in the statement.
The statement added that the elder Sawiris will be transferring all his shares in the company to his son Naguib. However, he will continue holding his majority stake in the Andermatt project in Switzerland as the largest shareholder and Chairman of the Board of Directors.
Naguib Samih Sawiris said as the new chairperson that his "entire focus will be on ensuring the company returns to its former prosperity and becomes a benchmark for developing distinguished destinations."
"I look forward to more cooperation with the Egyptian government during the next stage, as we consider ourselves a permanent partner in the development of the tourism and real estate development sectors in Egypt," he said.
