Naguib Sawiris has resigned as chief executive officer of Orascom and his deputy Tamer El Mahdi has been nominated as his successor, according to Reuters reports.
"Naguib Sawiris has submitted his resignation from his position as CEO effective January 1st, 2017," Orascom Telecom Media and Technology Holding (OTMT) said in a statement.
Orascom has holdings in media, technology and cable businesses, but under Sawiris has sought to move further into the financial sector by creating a major investment firm.
"Sawiris will continue to assume all responsibilities of his current position until the appointment of the new CEO is completed and registered with regulatory authorities," Orascom added.
Tamer El Mahdi, who has 22 years experience at Orascom, is the firm's deputy CEO and served as the chief technology officer (CTO) for OTMT and then became the CEO of Djezzy, the largest mobile operator in Orascom Telecom group, the statement said.