Naguib Sawiris has stepped aside as executive chairman of Orascom Telecom, just one month after merging his telecom assets with Russian operator VimpelCom.
Sawiris said that he plans to spend more time on “social and political work” and to play a role in the "transformation of post revolution Egypt into a civil democracy”.
He added that he will continue to support the business as a major shareholder of VimpelCom.
Orascom Telecom has nominated its current CEO, Khaled Bichara, to replace Naguib Sawiris as executive chairman, while Ahmed Abou Doma will replace Bichara as CEO.
Bichara will also take on the role of president and COO of VimpelCom Ltd and will focus on achieving targets for technology procurement and commercial development.
Doma, who been with Orascom Telecom for 13 years, was formerly the CEO of Bangalink, the company’s operation in Bangladesh.
Meanwhile, VimpelCom, which acquired Orascom Telecom last month, announced that its current CEO, Alexander V. Izosimov, has also decided to step down at the end of June.
The company’s supervisory board has decided to appoint its current chairman, Jo O. Lunder, as the new CEO of VimpelCom, while Augie K. Fabela II, co-founder and chairman emeritus of VimpelCom, has been chosen to serve as the new chairman of the supervisory board.
VimpelCom completed its $6.6 billion acquisition of Wind Telecom, the holding vehicle that controls Orascom Telecom, in April.
The deal made VimpelCom the world's sixth largest mobile operator by subscriber numbers, with operations in 20 countries and a total subscriber base of some 181 million people across Eastern Europe, Africa, Asia and Italy.