Khaled Bichara, the CEO of Egypt-based Orascom Telecom Media and Technology (OTMT), has submitted his resignation but will resume his role as member of the board.
Meanwhile, OTMT’s board has approved the nomination of Karim Bichara as his…
Khaled Bichara, the CEO of Egypt-based Orascom Telecom Media and Technology (OTMT), has submitted his resignation but will resume his role as member of the board.
Meanwhile, OTMT’s board has approved the nomination of Karim Bichara as his successor. The appointment is subject to shareholders’ approval, which will be sought during the next general assembly meeting on 28 June 2012.
Karim Bichara is currently general manager at OTMT.
Just a few days ago, incumbent France Telecom completed the acquisition of most of Egyptian mobile operator Mobinil from OTMT for a total deal value of €1.5bn (US$2bn).
Mobinil used to be controlled by Orascom Telecom Holding (OTH).
In early 2011, Wind Telecom, which holds a majority stake in OTH, and Russia’s VimpelCom had merged their operations. At that time, Khaled Bichara was COO of VimpelCom and chairman of OTH. He had previously been CEO of OTH and, before that, COO of Wind.
Early this year, OTH and OTMT demerged their operations and the stake in Mobinil was transferred to OTMT.
Egyptian businessman and OTMT chairman Naguib Sawiris commented that Khaled’s work had “paved the way for a smooth spinoff of the operations of OTMT, which will serve as a solid foundation for this company to take off on the road of success.”
Khaled Bichara said he is leaving “to pursue new private business opportunities.”