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Samih Sawiris heads Orascom Development as exec chariman

Sawiris will head the firm's executive management for an interim period until the appointment of a new chief executive officer

Samih Sawiris has assumed the role as the executive chairman of Orascom Development Holding.
Andermatt Swiss Alps
Samih Sawiris has assumed the role as the executive chairman of Orascom Development Holding.

SIX Swiss Exchange-listed (SWX) and Egypt-based Orascom Development Holding (ODH) has appointed Samih Sawiris as the executive chairman to head the firm’s executive management for an interim period until the appointment of a new chief executive officer.

Former CEO Khaled Bichara — who was appointed to the role in 2016 — died in “an accident” earlier this month in Egypt’s Giza.

In a statement the company said that it has also appointed members of the broad of director and executive management. These include, Naguib S. Sawiris and Jürgen Fischer as board members, Ashraf Nessim as the chief financial officer, and Abdelhamid Abouyoussef as member of the executive management.

The committee will be responsible to supervise and support the management in day-to-day activities, and lead the appointment and bringing on board the new CEO.

Speaking on Bichara’s demise, Sawiris said: "Khaled was an innovative leader who, above all, lived the company's core values with a true passion for our people and an exceptional commitment to the Group, while consistently delivering strong results. His energy, drive and leadership will be sorely missed."

He added that with the “new interim structure supported by the strong Board of Directors and Executive Management team, the company will remain on the same track and will continue to grow value for shareholders”.

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