Orascom Telecom chairman to step down at end of 2011

The executive chairman of Orascom Telecom, Khaled Bichara, will step down from his post at the end of 2011 and the board has yet to elect a new chairman, the company said in a statement on Monday.

Bichara, who said he planned to "pursue new business opportunities," will continue his responsibilities as executive chairman until the end of December.

"In due course, the board will elect the new chairman of the board," the company said without giving a timeframe.

Bichara also holds the post of chief operating officer of Russia's Vimpelcom, which bought Orascom's parent company in a $6 billion deal in April. It was not immediately clear if he would also be leaving that post.

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