ISLAMABAD: The K-Electric (KE) Board has appointed Adeeb Ahmad, who represents Sheharyar Chisti as Chief Executive Officer (CEO) of the Company to run its affairs till the appointment of new CEO on regulator basis. He is former CEO of Hascol Petroleum.
Ahmad’s career spans 34 years including C-suite roles. He has been involved in managing private equity funds, M&A and transformation focused on energy and other infrastructure sectors across MENA, Turkey, CIS, Southeast Asia, and Pakistan. He has been engaged with investment banking institutions in the GCC and Pakistan leading several M&A, privatization and capital raising assignments. He recently served as the CEO of Hascol Petroleum Limited. He has also served as Senior Advisor to the CEO and Deputy CEO-Designate at Islamic Corporation for the Development of the Private Sector (ICD) in Saudi Arabia. He holds an M.Sc. from the LSE, UK, and an MBA from IBA, Karachi.
Sources close to the matter say Alvi had been facing sustained pressure for several months; however, his decision to step down came just days after Sindh Governor Kamran Tessori set aside a provincial ombudsman’s order against him on February 3, effectively granting him a “clean chit” shortly before his exit.
This development may send a negative message to Saudi and Kuwaiti investors who did not want dominance of Shehar Chisti. Saudi investors are also in Pakistan and were trying to seek support in favour of their nominee.
Earlier reports had suggested that Kamran Kamal, a sitting KE Board member and Chief Executive Officer of Hub Power Company Limited (HUBCO), will be one of the top candidates for slot of CEO KE for interim period.
The Board has also decided to initiate process to interview suitable candidates for the slot of CEO KE on permanent basis.
Osama Qureshi, currently a director at Cnergyico (formerly Byco Petroleum) is one of the key candidates for the slot of regular CEO of KE.
Imran Maniar, former Managing Director of Sui Southern Gas Company (SSGC), is in the list of favourable candidates but according to insiders he has demanding heavy package which the Board may not agree.
In contrast, Taha Siddiqui is widely regarded as a leading contender for the permanent position. A former Chief Distribution Officer at KE, Siddiqui later served as CEO of Pakistan State Oil (PSO). His deep familiarity with KE’s operational complexities, coupled with senior-level corporate experience. Ends
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