Orascom Investment Holding (“OIH”) announced today that Tamer EL Mahdi, Chief Executive Officer, has submitted his resignation from his role as Member of the Board of Directors and CEO of the company during the board meeting held on November 3, 2019, for personal reasons. The Board of Directors expressed its understanding of the reasons for resignation and approved the resignation of Tamer EL Mahdi from the Board of Directors and as CEO of the company to be effective as of December 31, 2019. In light of the aforementioned changes, the Board of Directors discussed the structure of the Board and approved the appointment of Naguib Sawiris, Executive Chairman of the company, as Executive Chairman and CEO. Sawiris' assumption of the responsibilities of CEO in person indicates his commitment to OIH and his keenness to drive the growth of the company forward and explore its full potential. Sawiris commented on this development saying: “We are sorry that Tamer was not able to continue with OIH, and we wish him the best of luck in his future. I look forward to personally leading a new take-off for OIH with an ambitious growth strategy.” Tamer commented:” I would like to thank the Board of Directors of OIH, and particularly Mr. Naguib Sawiris for putting their trust in me to build this solid foundation on which the company will pursue new heights.”
