The Board of Directors of Lecico Egypt S.A.E. announced that it has made a change in the leadership of the company with the retirement of Elie Baroudi as Managing Director. The 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. 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.