Cairo – Mubasher: Egypt's Orascom Construction has appointed Jerome Guiraud as its Non-Executive Chairman of the board, said the company in a bourse filing.

The new chairman is replacing Nassef Sawiris and currently acting as non-executive chairman and representative of NNS Capital and the Sawiris Family, that own a stake of 51% in the company.  

“Mr. Guiraud (1961) has been Chief Executive Officer and Director of NNS Capital since 2008. A French citizen with 30 years of banking and financial markets experience, Mr. Guiraud currently sits on the Board of OCI N.V. and is a former board member of Orascom Construction Industries S.A.E. and Lafarge”, according to the statement.  

The company logged a net loss of $334.4 million (EGP2.961 billion) in the fiscal year 2015 as per the unaudited consolidated financial statements.