TMCnet News
DGAP-Adhoc: Orascom Development Holding AG: New Organizational Structure approved by the Board of Directors.(DGAP Ad Hoc Disclosures Via Acquire Media NewsEdge) Orascom Development Holding AG / Key word(s): Miscellaneous/Miscellaneous 15.04.2014 07:05 Release of an ad hoc announcement pursuant to Art. 53 KR --------------------------------------------------------------------------- New Organizational Structure approved by the Board of Directors. Altdorf/Cairo, 15 April 2014 - The Board of Directors of Orascom Development Holding AG (Orascom Development) endorsed a new organizational structure that better reflects the current business needs and supports the restructuring of the Group. The newly assembled five-headed Executive Management team will continue to be led by the Chief Executive Officer (CEO) and will further consist of the Chief Financial Officer (CFO), Chief Hotels Officer, Chief Real Estate & Development Officer as well as the Chief Human Resources Officer (CHRO). The Board of Directors appointed Dalia El Gezery as the CHRO. Dalia will start her new position on September 1st, 2014. As a Senior HR Executive, Dalia has more than 20 years of international experience in leadership and providing innovative human capital management solutions. Since 2000, she held different senior management roles at Vodafone Egypt serving most recently as HR Director and member of the Executive Management. In this function, Dalia transformed the HR operating model into a business driven, strategy focused organisation and built a trademark working environment that was awarded the title of "Egypt's Best Employer" for 5 consecutive years by Nelson Research. Dalia also sits on the board of the Vodafone Foundation. Before joining Vodafone, Dalia worked for Lloyd's insurance company in the UK and AT&T/Lucent Technologies in the Middle East & Egypt. Dalia has a Management Diploma in Business Administration and Human Resources from the American University in Cairo and is about to complete a Master of Science in Coaching and Behavioural Change from Henley Business School at the University of Reading, UK. As earlier announced, Abdelhamid Abouyoussef is now the Chief Hotels Officer and still to be appointed is the Chief Real Estate & Development Officer. As part of this reorganization, to strengthen the management capacity in the local business units and to streamline the holding structure, Julien Renaudperret and Ali Elhitamy will resign from the Executive Management, effective immediately. Julien Renaud-Perret will assume the role of Managing Director of Oued Chibika Development (SA), the Group's subsidiary in Morocco and Ali Elhitamy will focus on his role as Managing Director of Orascom Hotels and Development, the Groups Egyptian subsidiary. The Board of Directors likes to thank both of them for their valuable contributions on the Executive Management and wish them all the best in their new roles About Orascom Development Holding AG Orascom Development 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 eight jurisdictions (Egypt, UAE, Jordan, Oman, Switzerland, Morocco, Montenegro and United Kingdom), with primary focus on touristic destinations and budget housing. The Group currently operates eight destinations; four in Egypt El Gouna, Taba Heights, Haram City and Makadi, The Cove in United Arab Emirates , Jebel Sifah and Salalah Beach in Oman and Andermatt in Switzerland. Orascom Development has a dual listing, with a primary listing on the SIX Swiss Exchange and a secondary listing on the EGX Egyptian Exchange. Investor Relations Contacts Sara El-Gawahergy Investor Relations Director Tel: +202 2461 89 61 Tel: +41 41 874 17 11 Email: [email protected] Contact Media Relations [email protected] 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 AG'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 AG's results of operations and on whether Orascom Development Holding AG will achieve its targets. Orascom Development Holding AG 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. 15.04.2014 News transmitted by EQS Schweiz AG. The issuer is responsible for the contents of the release. EquityStory publishes regulatory releases, media releases on the capital market and press releases. The EquityStory Group distributes authentic and real-time financial news for over 1'300 listed companies. The Swiss news archive can be found at www.equitystory.ch/news --------------------------------------------------------------------------- Language: English Company: Orascom Development Holding AG Gotthardstraße 12 6460 Altdorf Switzerland Phone: +41 41 874 17 17 Fax: +41 41 874 17 07 E-mail: [email protected] Internet: www.orascomdh.com ISIN: CH0038285679 Valor: A0NJ37 Listed: SIX End of Announcement EQS Group News-Service --------------------------------------------------------------------------- |