The Egyptian businessman, Samih Sawiris, confirmed to Al Arabiya that he is stepping down from the presidency of Orascom Development Holding and transferring his duties to his son Naguib Sawiris, and that he will not nominate himself again for the presidency of the board of directors at the annual meeting next year in the spring of 2022.
Samih Sawiris also decided to transfer all his shares in the company to his son Naguib, contenting himself with the majority stake owned by him in the Andermatt project in Switzerland, where he remains the largest shareholder and Chairman of the Board of Directors.
He added that he prefers this decision “so that Najib assumes his responsibilities and devote himself to the work that I love.” Samih Sawiris will leave Orascom Development Holding after more than 30 years of leadership of the company.
The company’s board of directors unanimously proposed the appointment of Naguib Samih Sawiris to elect him as the chairman of the board of directors at the next annual general assembly meeting, to succeed his father, Samih Sawiris.
Naguib Samih Sawiris has been a member of the company’s board of directors since 2016, and he was appointed as vice chairman of the company’s board of directors during 2020.
According to a company press release, Samih Sawiris will remain “available as an advisor to the company as part of the proposed succession plan,” and Naguib Samih Sawiris will become the majority shareholder in Orascom Development Holding instead of Samih Sawiris.
Samih Sawiris said: “It was a rewarding journey, and I am grateful to everyone who was part of it. Now is the time to witness the start of the next chapter of Orascom Development Holding.” His role in supporting the company during the coronavirus crisis.
Samih Sawiris expressed his confidence that the new president of the company will be able to successfully lead the company along with CEO Omar Al-Hamamsi, and with the support of the company’s board of directors.
For his part, Naguib Samih Sawiris expressed his readiness to “express my full focus on ensuring that the company returns to its former prosperity and becomes a standard reference for developing destinations, and this will be achieved through a strong focus on our customers and partners in addition to our employees.”