Hanan Abdel-Meguid will step down from her position as CEO at OTVentures to personally focus more on supporting the startup scene in Egypt and the Arab world, she revealed to Wamda today.  

"I've been with this company for almost 20 years, so it's time for a new exciting challenge," she explained over a call. Although Abdel-Meguid could not yet discuss the details of her new plans, she will have more to reveal once the handover is complete in March. "It's been a great journey with the company. I joined when it was only twelve people, and I'm leaving it with a great team and track record." 

"I'm very excited about the next steps. I want to focus more on the startup scene and engage more with local entrepreneurs. This is my core motivation," she added. 

After a brief announcement yesterday, Orascom Telecom Media and Technology Holding and OTVentures released a statement this morning explaining that "OTMT and OTV have extended their gratitude to Hanan Abdel-Meguid for being a part of the senior management team which was instrumental in the development and execution of the Group’s strategy. Hanan played a key role that led OTV and its subsidiaries, each a leader in its own right, to become a frontrunner in the online and digital economy in the Arab region and beyond," the statement reads. 

The statement notes that Abdel-Meguid will continue in her current capacity at the Cairo-based investment company until March 31st, 2014, when she will be succeeded by Fadi Antaki, "a seasoned digital and technology veteran who brings with him a wealth of senior management and leadership experience," the statement said. Antaki, who has worked with Orascom Group for over 14 years, has shaped strategy in technology and telecommunications for over 17 years.  

Karim Beshara, CEO of OTMT, commented in a statement, "We are fortunate to have a senior leadership team of incredible breadth and depth that allows nurturing our next generation of leaders from within. Fadi is a proven executive who has successfully led and developed our digital and technology businesses. In his many roles at the subsidiaries and Group levels, Fadi has done an amazing job converting our operational systems and go-to-market strategy into real value for clients and shareholders. He has driven our deal-making and digital and technology strategies across the Group zealously, resulting in significant achievements. I would also like to thank Hanan Abdel-Meguid who has successfully led OTVentures’ team and wish her the best of luck on her next challenge.”

“I am honored and excited to have the opportunity to lead this exceptional team of determined, dedicated, and talented professionals. I am equally privileged by the trust given to me to follow in the footsteps of a truly iconic CEO who has led OTVentures to what it is today, an admired and dynamic brand that is leading the pack," Antaki commented.