KARACHI: Engro Holdings Limited announced Monday that the board of Engro Corporation Limited, its wholly owned subsidiary, has approved Junaid Iqbal as the successor to Ahsan Zafar Syed for the role of president and CEO.
Iqbal will serve as "President & CEO – Designate" of Engro Corporation, the company said in a filing to the Pakistan Stock Exchange. He currently serves as an advisor to the CEO of Engro Holdings and will formally assume the top role in April 2027, upon the completion of Syed's term.
The company credited Iqbal with building, scaling and transforming businesses in complex environments. At ride-hailing and digital services company Careem, he scaled the Pakistan business, led the Saudi Arabia market and later served as managing director and global head of Careem Pay.
Earlier, as CEO of Elixir Securities, Iqbal helped reposition the firm and worked on privatization transactions, including the government's $1 billion sale of a 40% stake in Habib Bank Limited, according to the statement.
The board thanked Syed for his contributions and said he would continue to lead Engro Corporation for the remainder of his term. During his tenure, the company reached milestones including the Supplemental Implementation Agreement for EVTL, the reintegration of thermal assets into its portfolio, and transactions involving Deodar and EPCL. Engro Corporation was also consistently recognized among the leading companies on the Pakistan Stock Exchange under his leadership.
Upon completing his term, Syed will be elevated to counsel to the chairman of Engro Holdings.
The company said the coming months will support a structured and seamless leadership transition. During that period, Iqbal will engage closely with Engro's businesses and operations and, under Syed's mentorship, contribute to key strategic priorities before formally taking over as president and CEO in April 2027.
