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Executive-level changes in Lecico Egypt's management

Taher Gargour will take over the responsibilities of Managing Director effective 1 July 2012 following the retirement of Elie Baroudi.
Lecico Egypt | 20.05.2012
Lecico Egypt's Board of Directors announced today that it has made a change in the leadership of the company with the retirement of Elie Baroudi as Managing Director. Lecico Egypt's Board of Directors has appointed Deputy CEO and Board Member Taher Gargour to take over the Managing Director's responsibilities effective from 1 July 2012.

Elie Baroudi will remain a Board Member and will continue in a part-time role as a consultant to the CEO to ensure a smooth hand-over of responsibilities.

"I am confident that the transition in management will be efficient and seamless. In my role as Chairman and CEO I will continue to oversee the strategic direction of the company and have every confidence in Taher's ability to fully take over the responsibilities of Managing Director," said Gilbert Gargour, Chairman of Lecico Egypt. "I would like to express our appreciation for Elie's achievements and contribution over the past nine years and I look forward to his continued contribution as a Board Member and consultant."

"Lecico Egypt is a company with a great history of achievement and tremendous potential. I believe our business model has a real sustainable competitive advantage and I am committed to realize that potential while continuing to focus tactically on improving our efficiency to balance the challenges of our changing business environement", said Taher Gargour.

Mr. Elie Baroudi was appointed Managing Director in September 2002 and has been a Director since 2003.

Prior to joining Lecico, he worked at American Express Bank for 22 years and served in various positions including Executive Director and Region Head for North and South East Asia (1991 to 1996), and Managing Director of American Express's Egyptian joint venture bank, Egyptian American Bank (1986 to 1990).
Mr. Taher Gargour joined Lecico in January 2005 and served as the Business Development Director prior to his appointment as Deputy CEO and Board Member in 2008. Prior to joining Lecico, he worked for seven years in the EMEA research department of HSBC Securities. Taher Gargour is the son of Chairman, CEO and co- owner of Lecico Egypt, Mr. Gilbert Gargour.