Samih Sawiris steps down as Chairman of the Board of Orascom Development Holding

December 16, 2021

Samih Sawiris will step down as Chairman of the Board of Directors at the next Annual General Meeting of Orascom Development Holding (ODH) in spring 2022. He is leaving office after more than 30 years at the helm of ODH. Samih Sawiris will remain Chairman of the Board and majority shareholder of Andermatt Swiss Alps AG.

The Board of Directors of ODH will propose Mr. Naguib Samih Sawiris for election as Chairman of the Board at the Annual General Meeting. Naguib Samih Sawiris has been a Member of the Board since 2016 and has served as Vice Chairman since 2020. Samih Sawiris will remain available as Advisor to the company. As part of the proposed succession plan, Naguib Samih Sawiris will also become ODH's majority shareholder and Samih will transfer control over to Naguib.

"Reflecting on the past 30 years, I am incredibly proud of everything we've built," said Samih Sawiris. "It has been a rewarding journey, and I am grateful to everyone who has been a part of it. It's now time to look forward to ODH's next chapter. Naguib's experience building and investing in successful technology businesses in the U.S., and his active role in supporting ODH through the COVID crisis, has made me confident that he is both capable and committed to successfully leading ODH into the future, together with CEO Omar El Hamamsy and the support of the Board. I wish them all the best."

Naguib Samih Sawiris added, "I look forward to stepping into the role as Chairman with a deep sense of responsibility and gratitude. My focus will be to ensure ODH returns to its former prosperity and becomes a category-defining destination development company. This will be achieved by a determined focus on our customers, our employees and our partners."

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