Orascom Development Holding AG provides update on interim management.
Altdorf, 4 February 2020 - Orascom Development Holding (ODH) provides an update regarding the management of the Company following the tragic loss of its CEO Khaled Bichara. Samih Sawiris will assume the role of Executive Chairman to lead the Executive Management for an interim period until the appointment of a new CEO. Mr. Sawiris will lead and be assisted by an interim committee, which includes appointed members of the Board of Directors as well as members of Executive Management. In addition to Mr. Sawiris, the selected committee members are: Naguib S. Sawiris (Board member), Jürgen Fischer (Board member), Ashraf Nessim (Chief Financial Officer) and Abdelhamid Abouyoussef (member of the Executive Management). The role of the committee will be to (1) supervise and support management day to day, and (2) lead the appointment and onboarding of the new CEO.
"We are deeply saddened by this tragic loss," said Samih Sawiris, Chairman of the Board. "Khaled was an innovative leader who, above all, lived the company's core values with a true passion for our people and an exceptional commitment to the Group, while consistently delivering strong results. His energy, drive and leadership will be sorely missed."
Samih Sawiris added: "Notwithstanding that loss, the Board and I are confident that the momentum that Khaled helped create will not be lost. ODH has a solid strategy in place, which we will continue to execute on as promised to our clients, shareholders and employees. I am confident that with this new interim structure supported by the strong Board of Directors and Executive Management team, the company will remain on the same track and will continue to grow value for shareholders."
Ashraf Nessim, CFO, on behalf of the Executive Management, stated: "We are all greatly saddened by the sudden tragic loss of Khaled. He was a brilliant, beloved true leader, a devoted father and a good friend. There aren't enough words to convey my sincere gratitude and appreciation of working by his side the past 4 years. We extend our deepest sympathies to his wife and two sons. May his soul rest in eternal peace."
About Orascom Development Holding (ODH):
Orascom Development Holding (ODH) is a leading developer of fully integrated destinations that include hotels, private villas and apartments, leisure facilities such as golf courses, marinas and supporting infrastructure. Orascom Development's diversified portfolio of destinations is spread over seven jurisdictions (Egypt, UAE, Oman, Switzerland, Morocco, Montenegro and United Kingdom), with primary focus on touristic destinations. The Group currently operates nine destinations; four in Egypt (El Gouna, Taba Heights, Fayoum and Makadi Heights), The Cove in the United Arab Emirates, Jebel Sifah and Hawana Salalah in Oman, Luštica Bay in Montenegro and Andermatt in Switzerland. The shares of Orascom Development Holding (ODH) are listed on the SIX Swiss Exchange.
Contact for Investors:
Sara El Gawahergy
Head of Investor Relations & Strategic Projects Management
Tel: +202 246 18961
Tel: +41 418 74 17 11
Mob: +41 79 156 78 49
Contact for Media Relations:
Dynamics Group AG
Tel: +41 432 68 32 35
Disclaimer & Cautionary Statement
The information contained in this e-mail, its attachment and in any link to our website indicated herein is not for use within any country or jurisdiction or by any persons where such use would constitute a violation of law. If this applies to you, you are not authorized to access or use any such information. Certain statements in this e-mail and the attached news release may be forward-looking statements, including, but not limited to, statements that are predications of or indicate future events, trends, plans or objectives. Forward-looking statements include statements regarding our targeted profit improvement, return on equity targets, expense reductions, pricing conditions, dividend policy and underwriting claims improvements. Undue reliance should not be placed on such statements because, by their nature, they are subject to known and unknown risks and uncertainties and can be affected by other factors that could cause actual results and Orascom Development Holding's plans and objectives to differ materially from those expressed or implied in the forward-looking statements (or from past results). Factors such as (i) general economic conditions and competitive factors, particularly in our key markets; (ii) performance of financial markets; (iii) levels of interest rates and currency exchange rates; and (vii) changes in laws and regulations and in the policies of regulators may have a direct bearing on Orascom Development Holding's results of operations and on whether Orascom Development Holding will achieve its targets. Orascom Development Holding undertakes no obligation to publicly update or revise any of these forward-looking statements, whether to reflect new information, future events or circumstances or otherwise. It should further be noted that past performance is not a guide to future performance. Please also note that interim results are not necessarily indicative of the full-year results. Persons requiring advice should consult an independent adviser