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Wednesday, 15 December 2021

Samih Sawiris to step down as ODH chairman

Samih Sawiris is stepping down from his role as Orascom Development Holding (ODH) chairman and handing the torch to his son, Naguib Samih Sawiris (LinkedIn), ending a 30-year run at the company’s helm, according to a report in Hapi Journal. ODH’s board agreed to formally nominate Naguib as chairman at ODH’s next annual general assembly meeting. Samih will be transferring his entire stake in ODH in the company to his son, save for his shares in Andermatt Swiss Alps, where he will still act as the chairman and majority stakeholder. Naguib — not to be confused with his namesake uncle — will now become the majority stakeholder of Orascom Development Holding and was previously a board member at the company. He also previously founded and managed US-based edtech startup Yup, where he still acts as board member.

IN OTHER MOVES-

Rear Admiral Ashraf Megahed has been appointed as the new commander of the Egyptian Navy by President Abdel Fattah El Sisi, according to a statement.

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