Engro Corporation announces new CEO

The former Engro CEO spent 27 years at the helm of the local conglomerate.

KARACHI: Engro Corporation Limited has appointed Muhammad Aliuddin Ansari as the new President and CEO of to fill in the shoes of long-serving Asad Umar.

Before joining Engro, Ansari was the CEO of Dewan Drilling, Pakistan’s first independent oil and gas drilling company, says a press statement issued by Engro on Tuesday. Starting off his career as an Investment Manager at WorldInvest/ Bank of America in London, he has served as the CEO of AKD Securities, COO of Emerging Europe for Credit Lyonnais Securities.

The decision taken by the board of directors comes a week after Asad Umar announced his retirement and decided to join political party Pakistan Tehreek-e-Insaf. Ansari will assume the responsibility from May 12, 2012, adds the statement.

Ansari was also a member on the board of Lucky Cement, the Karachi Stock Exchange, National Clearing Company of Pakistan and Al Meezan Investment Management.

He has been on Engro’s board since 2009 and is also part of Board Audit Committee and Chairman of the Board Investment Committee.

Engro Corporation’s stock price fell Rs1.03 to close at Rs.97.51 during trade at the Karachi Stock Exchange.

Published in The Express Tribune, April 25^th, 2012.