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Breaking: Naguib Sawiris Resigns as CEO of Orascom

Providing no explanations, Egyptians were surprised to find out that Naguib Sawiris has resigned as Chief Executive Officer of his own Orascom company.

Egyptians woke up to the surprising news that Egyptian billionaire Naguib Sawiris has resigned as the Chief Executive Officer of Orascom, according to Reuters.

On Sunday, the company released a statement explaining “Naguib Sawiris has submitted his resignation from his position as CEO effective January 1st, 2017," adding that “Mr Sawiris will continue to assume all responsibilities of his current position until the appointment of the new CEO is completed and registered with regulatory authorities." 

No explanation was offered for the resignation but that his deputy Tamer El Mahdi has been nominated as his successor.

Orascom has holdings in media, technology, and cable business; however, under Sawiris, the company had made bigger investments into the financial sector. According to Reuters, Sawiris has been frustrated by the Egyptian authorities thwarting his attempts to purchase a large financial institution.

The news of Sawiris’ resignation was not the only change among the board of directors as Yousef Shoukry, responsible for financial and administrative affairs, also resigned, and 30-year veteran Khaled Ellaicy has been appointed his successor.