(Adds details from statement)
By Amina Ismail
CAIRO Dec 4 Egyptian billionaire Naguib Sawiris
has resigned as chief executive officer of Orascom and
his deputy Tamer El Mahdi has been nominated as his successor,
the company said on Sunday, without explaining his decision.
"Naguib Sawiris has submitted his resignation from his
position as CEO effective January 1st, 2017," Orascom Telecom
Media and Technology Holding (OTMT) said in a statement.
Orascom has holdings in media, technology and cable
businesses, but under Sawiris has sought to move further into
the financial sector by creating a major investment firm.
Sawiris, whose interests range from construction to
telecommunication, is a billionaire and a well-known business
figure in North Africa and the Middle East. He has said he has
been frustrated by the Egyptian authorities in his attempts to
own a large financial institution.
"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," Orascom
Tamer El Mahdi, who has 22 years experience at Orascom, is
the firm's deputy CEO 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, the statement said.
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.
(Editing by Alexandra Hudson and Alexander Smith)