Samih Sawiris to step down as Orascom Development Holding chairman

Egyptian business tycoon Samih Sawiris will step down and will not stand for re-election as chairman of Orascom Development Holding (ODH) during next annual assembly meeting in spring 2022,ending a 30-year run at the company’s helm.

He will hand the torch to his son, Naguib Samih Sawiris.

Orascom’s board has agreed to nominate Naguib as chairman of the group at the 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.

His son, Naguib will become the majority stakeholder of Orascom Development Holding. He previously founded and managed U.S.-based edtech startup Yup, where he still acts as board member.