Egyptian businessman Samih Sawiris confirmed that he will step down as the chairman of Orascom Development Holding and transfer his responsibilities to his son, Naguib Sawiris. He stated that he will not run for the chairman position again in the next annual general meeting in the spring of 2022, as reported by Al Arabiya. Samih Sawiris also decided to transfer all his shares in the company to his son Naguib, while maintaining his majority stake in the Andermatt project in Switzerland, where he will remain the largest shareholder and chairman of the board.
He added that he prefers this decision "so that Naguib can take on responsibilities while I focus on the work I love." Samih Sawiris will leave Orascom Development Holding after more than 30 years of leading the company. The company's board has agreed on the proposal to appoint Naguib Samih Sawiris to be elected as the chairman of the board in the upcoming annual general assembly meeting, succeeding his father, Samih Sawiris.
Naguib Samih Sawiris has been a board member since 2016 and was appointed as deputy chairman of the company in 2020. According to a company press release, Samih Sawiris will remain "available as a consultant to the company as part of the proposed succession plan," while Naguib Samih Sawiris will become the largest shareholder of Orascom Development Holding instead of his father.
Samih Sawiris remarked, "It has been a rewarding journey, and I am grateful to everyone who has been part of it. Now it is time to witness the beginning of the next chapter of Orascom Development Holding," affirming that his son Naguib has investment experience due to his establishment of several successful technology companies in the United States, in addition to his role in supporting the company during the COVID-19 crisis.
Samih Sawiris expressed confidence that the new chairman would successfully lead the company alongside CEO Omar El Hamamsy, with the support of the company's board. For his part, Naguib Samih Sawiris expressed his readiness to fully focus on ensuring the company returns to its former prosperity and becomes a benchmark for destination development, which will be achieved through a strong focus on their clients, partners, and employees.
