Egypt's Orascom Telecom has new chairman

Egypt’s largest telecommunications company on Thursday evening announced it had appointed Jo Lunder as the company’s chairman to replace Khaled Bichara. Bichara had resigned from his post in December, but there was no reason given for his quitting.

Lunder’s appointment must now be approved by the company’s next general assembly.

“Lunder will focus on executing a strategy to increase cash flows through driving profitable growth, operational excellence and capital efficiency,” a statement from the company read.

Lunder was appointed as CEO of Vimpelcom in July last year. He served as a member of its board of directors from May 2002 until May 2011 and was the chairman of the board from April 2010 until the time of his appointment as CEO.

“He led VimpelCom on a path of sustained growth and expansion, attracted significant investment from Alfa Group and Telenor, and eventually transformed VimpelCom into the second largest wireless telecommunications company in Central and Eastern Europe.”

Lunder commented on his new post by saying, “Given the strategic importance of Orascom Telecom Holding after the successful merger between VimpelCom Ltd. and Wind Telecom SPA., I am very pleased to be appointed Chairman.

“Our focus will be on executing our operational strategy which will deliver profitable growth through operational excellence and the efficient use of capital,” he added.