KARACHI:
Only a man in a million would have the audacity to turn down the best job there ever was in the corporate sector of Pakistan. After all, who would say no to the repeated requests of the chairman of Engro Corporation – Pakistan’s largest private-sector conglomerate, with interests ranging from fertiliser and energy to foods and chemicals – to become its president and CEO?
A reluctant CEO
Ali Ansari replaced Asad Umar at the helm of Engro Corporation after the latter took early retirement in April to join politics. While there must have been many contenders for the most prestigious position in Pakistan’s corporate sector, Ansari was not one of them.
In fact, he had declined to be considered for the job when Engro Chairman Hussain Dawood first floated the idea. “I was running my own business and enjoying it. Moreover, I’d made a commitment to myself that I wouldn’t go back to the job market,” Ansari said while talking to The Express Tribune.
Some days later, Dawood called him again and told him the board of directors had unanimously recommended that he become president and CEO of Engro Corporation. “I’ve always taken my decisions myself and stuck by them,” says Ansari while describing his “dilemma.” So after consulting one of his old friends who now leads a major bank of the country, Ansari decided to accept the job.
The odd Grammarian
“I wasn’t particularly a good student at Karachi Grammar School. It worried my father. So he decided to send me to a boarding school,” says Ansari, who followed in the footsteps of his father and grandfather by pursuing a highly successful career in finance. His grandfather served as finance minister of Hyderabad Deccan. Ansari’s father worked for the National Bank of Pakistan and also played a key role in establishing Bank AlJazira in Saudi Arabia.
Ansari arrived in England as a 14-year-old in 1977. “Three years at the boarding school were the toughest in my life,” he said. His next destination was Richmond, an American college in London, where he studied business administration and finance.
My word is my bond
Ansari says he developed a life-long fascination with the city of London early on. He received multiple job offers after graduation from college. Yet he could not accept one, because he did not have a work permit. So he applied for the legal document and, in the meantime, worked for the Bank of America as an analyst for no pay for as long as six months.
Ansari’s career took a sharp upturn with the management buyout of the investment wing of the Bank of America. The name of his company changed from Bank of America to WorldInvest, he became a shareholder, the company grew five times in five years, and Ansari got promoted to the position of fund manager within a year. By all means, his career progression was tremendous so far.
But success doesn’t feel like success when one is just 28. “I wasn’t doing any value addition, I thought. Buying and selling shares didn’t seem exciting anymore. Also, my father was ill in Pakistan.”
So Ansari moved back to Karachi in 1992 and set up a textile business with his uncle. He did away with the business just after two years after using all his savings to pay his employees and vendors.
His next stop was in Hong Kong where he joined CLSA Asia-Pacific Markets, a financial services group, as head of Pakistan operations.
A multinational babu
Ansari was contacted by AKD Group Chairman Aqeel Karim Dhedhi in 1999. AKD wanted to expand his business by setting up state-of-the-art online trading, fund management and corporate finance operations. “You’re a seth, and I’m a multinational babu, I told AKD. We can’t work together,” Ansari said about his first reaction to AKD’s offer.
To understand each other better, Ansari and AKD decided to do a project together. “Dhan Fibres was a sick unit, and we got its owner a good price together,” Ansari said. The Dewan Group came along and AKD helped raise the money. With the finalisation of the deal, Ansari and AKD formally joined hands and the former became CEO of AKD Securities. “From acquisition finance and private equity to venture capital, at AKD I did everything that I loved.”
To his credit, AKD kept his initial promise of not interfering in the affairs of AKD Securities throughout Ansari’s stay at the company. “He had promised me that he wouldn’t call me or come to the office unless he’s asked to. He kept his word.”
Before joining Engro, he was running his own business, which is Pakistan’s first independent oil and gas drilling company. He says he accepted the Engro job because one should embrace challenges bravely. “It’s truly an honour to lead the most prestigious company in Pakistan’s corporate sector.”
Published In The Express Tribune, June 23rd, 2012.
COMMENTS (19)
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Mr Ali Ansari, Congratulation for new assignment, we hope ENGRO is preparing to touch new highs in the future. Good Luck Mr. Ansari and ENGRO.
Ali Ansari is one of the individual at the capital markets who should be admired for bringing revolution in online trading.
www.scstrade.com also follows Ali Ansaris vision and now the portal is quite successful in imparting research and delivering service to the far off clients. We pay homage to Ali and wish him goodluck for Engro.
As an analyst I personally consider Engro Foods and Engro Polymer to more dynamic projects than Engro Fertilizers.
Rumors are that Engro Fertilizer is restructuring its long term debt. Repayments of loans are starting from August 2012. They have requested their lenders for delay in principal payments by 4 yrs.
@Absar:
I think you are mistaken in your views. After a certain level in terms of income, the life you can have in Pakistan cannot be found anywhere else. Sure security is a problem but there are many other benefits. Why do you think all the rich Pakistanis don't just leave the country ?
@Ayesha you laugh at his education, he laughs at your bank account
Richmond College? Seriously?
@Ayesha: So what are you suggesting? People who hail from low-grade institutions are not worthy of high pay jobs at elite corporations? Just to inform you that 82% of all successful entrepreneurs in the world went to not-so-popular colleges, whereas some even dropped out.
@Ayesha: Anything Pakistani is third rate for you Ms (or Mr) .Ayesha (or whatever your real name is). Change this attitude since you are becoming the biggest laughing stock.
Mr Asad Umer will be a hard act to follow but knowing Mr Dawoods intuitive judgement of people I am sure Ali Ansari will do him, Engro and Pakistan proud.Wish you besr of luck Ali.
Not impressed. Richmond is a third rate college for rich yuppies in England.
Pakistan's first oil and gas drilling company ? I doubt if this is right. There are 28 national n international oil n gas drilling companies already working
The men like Ansari can make the change. He has the strength to overcome the challenges left behind by Mr. Asad Umar in Engro Corporation. I pray for his success in all his future goals. wish him best of luck
All the best to you Mr. Ali. Surely you are a value contributor in any organization.
Ansari Sb is not only a high qualified professional but also a great human being. After Asad Umar, Engro Corp is lucky to have another gem of man, renowned for his talent and standing by his principles. I pray to Allah the Almighty to give more strength/prosperity to Engro under Ansari Sb (Ameen).
Good luck to you Mr.Ansari.I hope you would be able to take Engro to new heights.
Mr. Ali Ansari's entreprenuerial skills will help to consolidate Engro as it is highly leveraged at the moment.
We are proud of you Mr. Ansari & wishing you all the luck. People like these can change the country.
A man who probably has all the opportunity in the world to snub the substandard life in Pakistan for a higher-up one outside, it feels good to have him in the country! Best wishes to Mr. Ansari and Engro.