Cairo – Mubasher: The board of directors of Orascom Investment Holding (OIH) approved the resignation of its CEO Tamer El-Mahdi, which will be effective as of 31 December.

The company’s executive chairman Naguib Sawiris will succeed El-Mahdi as the new CEO and managing director, the company said in a statement to the Egyptian Exchange (EGX) on Monday.

The board also greenlighted the resignation of Ayman Soliman from the board and the appointment of Hassan Moustafa as non-executive expert board member.