KE Board all set to initiate CEO succession process

ISLAMABAD: Karachi Electric (KE) has entered a decisive leadership transition following the resignation of its Chief Executive Officer, Syed Moonis Alvi, on February 6, 2026, ending his eight-year tenure at the helm of the country’s largest power utility.
The development coincides with a firm regulatory intervention by the Securities and Exchange Commission of Pakistan (SECP), which has directed KE to convene an Extraordinary General Meeting (EOGM) on March 25, 2026, to elect a new Board of Directors. The directive has been issued under Section 158(3) of the Companies Act, 2017.
The SECP’s move follows the withdrawal in January 2026 of a long-running legal petition that had effectively frozen the company’s board structure since 2022. With the legal impasse resolved, KE is now under pressure to address an emerging leadership vacuum.
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. The KE Board is scheduled to meet on February 13 to deliberate on interim leadership arrangements.
Well-placed sources indicate that the Board is likely to consider candidates from within its own ranks to ensure continuity during the transition period. However, Moonis Alvi is also expecting a role for interim period.
Muhammad Kamran Kamal, a sitting KE Board member and Chief Executive Officer of The Hub Power Company Limited (HUBCO), is emerging as a strong contender for the interim role. An energy technology and policy specialist with academic credentials from Harvard University and Georgia Tech, Kamal is seen as possessing the technical expertise and regulatory familiarity required to navigate the utility through a turbulent phase.
Another name under consideration is Adeeb Ahmad, also a KE Board member and former CEO of Hascol Petroleum.
Among internal senior management, Sadia Dada, Chief Distribution and Marketing Officer, is being viewed as a potential interim candidate. Since the departure of former distribution head Fahad Gilani, Dada is credited with stabilising distribution operations and sustaining recovery levels amid a challenging operating environment. Chief Financial Officer Aamir Ghaziani is also said to be in contention, having regularly represented KE at the National Electric Power Regulatory Authority (NEPRA) and other key industry forums.
However, the search for a permanent CEO remains complex due to the company’s evolving circumstances and the role of Saudi and Kuwaiti investors.
The credentials of another leading candidate, Imran Maniar, former Managing Director of Sui Southern Gas Company (SSGC), are reportedly under debate. His tenure at SSGC ended in September 2024 following a period of acute financial stress, including a reported Rs 12 billion loss in a single fiscal year. Sources suggest his inability to manage board-level frictions at SSGC may count against him in KE’s high-stakes governance environment.
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, is seen as positioning him well to steer the utility through regulatory and governance challenges.
For now, the Board’s February 10 meeting marks the first critical milestone in determining who will lead Karachi’s sole power utility through what is shaping up to be an unprecedented governance reset. Ends